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PLAINS RESOURCES ANNOUNCES PRODUCING PROPERTY ACQUISITION

 HOUSTON, March 17 /PRNewswire/ -- Plains Resources (AMEX: PLX) announced today that it purchased all of the stock of Calumet Florida, Inc., a Delaware corporation, for a purchase price of approximately $4 million. Calumet Florida owns a 50 percent interest in six producing fields located in the Sunniland Trend of south Florida.
 According to the company, the Sunniland properties are currently producing a daily average of approximately 2,700 barrels of oil (25 degrees API gravity) from fields located in Collier, Hendry and Lee Counties, Fla. Plains also said it estimates the acquisition will add approximately 4 million to 5 million barrels of crude oil to the company's proved reserve base. At year-end 1992, Plains reported proved reserves of 33 million barrels of oil and 40 billion cubic feet of natural gas.
 Plains Resources is an independent energy company engaged in the exploration, acquisition, development and exploitation of crude oil and natural gas and the downstream activities of marketing, transportation and storage of crude oil and natural gas products. The company is headquartered in Houston.
 -0- 3/17/93
 /CONTACT: Nancy J. Kerby, director - investor relations of Plains Resources, 713-654-1414/
 (PLX)


CO: Plains Resources ST: Texas, Florida IN: OIL SU: TNM

GK -- NY024 -- 6924 03/17/93 09:42 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:209
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