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PLAINS RESOURCES ANNOUNCES PERUVIAN EXPLORATORY CONCESSION

       PLAINS RESOURCES ANNOUNCES PERUVIAN EXPLORATORY CONCESSION
    HOUSTON, Feb. 24 /PRNewswire/ -- Plains Resources (AMEX: PLX) announced today that its wholly-owned subsidiary, Plains Resources International Inc., and Denver-based Advantage Resources International, Inc. have successfully negotiated for the exclusive right to explore a 2.5 million acre block in northeastern Peru.
    Exploratory rights were granted by Petroperu, the national oil company of Peru, in block 62 of the Maranon Basin.  The block, in which the companies have identified two high potential exploration prospects, is located in a proven basin.  Fields in bordering blocks are estimated to have aggregate recoverable reserves of nearly 1 billion barrels of crude oil and are connected to an established infrastructure.  Plains holds a 30 percent interest in the venture.
    Plains Resources is an independent oil and gas exploration and production company headquartered in Houston.  During 1991, it was ranked by The Oil and Gas Journal as 113th among the largest publicly traded oil and gas companies in the United States.
    -0-                                2/24/92
    /CONTACT:  Nancy J. Kerby, director-investor relations of Plains Resources, 713-654-1414/
    (PLX) CO:  Plains Resources; Advantage Resources International, Inc. ST:  Texas IN:  OIL SU: AH -- NY045 -- 1900 02/24/92 12:27 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:198
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