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PLAINS RESOURCES ANNOUNCES PRODUCING PROPERTY ACQUISITION

 HOUSTON, Oct. 22 /PRNewswire/ -- Plains Resources (AMEX: PLX) reported today that it had purchased an average 46 percent working interest in certain natural gas properties for approximately $2.7 million. The acquisition consists of 47 producing wells and surrounding acreage concentrated in three producing fields located on the Douglas Arch in Grand and Uintah counties, Utah.
 According to the company, gross production from the properties is approximately 4.2 million cubic feet of natural gas per day with an average heat content of 850 Btus per cubic foot of gas. The properties, initially discovered in 1955, have produced an aggregate of 96 billion cubic feet of natural gas.
 The company estimates the acquisition will add approximately 10 billion to 12 billion cubic feet of natural gas to its proved reserve base. Phillip D. Kramer, the company's chief financial officer, said that initial exploitation efforts could increase production by as much as 50 percent by maximizing the production capability of existing wells.
 At year-end 1992, Plains reported proved reserves of 33 million barrels of oil and 40 billion cubic feet of natural gas. In March of this year, the company completed the acquisition of approximately 5 million barrels of oil in the Sunniland Trend of South Florida. Last week, the company announced it had acquired all of Texaco Exploration and Production Inc.'s interest in the Vickers Lease in Los Angeles County, Calif., adjacent to its existing interest in the Inglewood Field. Proved reserves attributable to that acquisition are estimated at 7 million to 10 million barrels of oil.
 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- 10/22/93
 /CONTACT: Phillip D. Kramer, vice president and chief financial officer of Plains Resources, 713-654-1414/
 (PLX)


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

TW -- NY018 -- 5612 10/22/93 09:29 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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