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PLAINS PETROLEUM ACQUIRING PROPERTIES IN POWDER RIVER BASIN

 PLAINS PETROLEUM ACQUIRING PROPERTIES IN POWDER RIVER BASIN
 LAKEWOOD, Colo., June 1 /PRNewswire/ -- Plains Petroleum Co. (NYSE: PLP) announced today that its wholly owned subsidiary, Plains Petroleum Operating Co., has agreed to purchase northeastern Wyoming oil and gas properties for $12,037,500 cash. The properties, representing primarily oil reserves, include interests in 65 producing wells in 16 fields located in the Powder River Basin of Wyoming. Based on 1991 production data, Plains anticipates that upon completion of this purchase its average daily oil production will increase by approximately 940 barrels.
 Closing of the transaction is expected to occur on or before Sept. 30, 1992, following Plains' verification of ownership, the condition of the properties and the satisfaction of other terms of the agreement. The purchase price is subject to adjustments arising from operations on the properties since Jan. 1, 1992 and the due diligence review.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas, Lakin, Kan. and Gillette, Wyo.
 -0- 6/1/92
 /CONTACT: Darrel Reed or Robert M. Danos of Plains Petroleum, 303-969-9325; or Jim Fingeroth or Tracey Stearns of Kekst and Co., 212-593-2655, for Plains Petroleum/
 (PLP) CO: Plains Petroleum Co. ST: Colorado, Wyoming IN: OIL SU: TNM


MC -- DV003 -- 5715 06/01/92 13:08 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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