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PLAINS RESOURCES COMMENTS ON DRILLING WELLS

 PLAINS RESOURCES COMMENTS ON DRILLING WELLS
 HOUSTON, July 31 /PRNewswire/ -- The following is a statement issued


by Plains Resources (AMEX: PLX) today in response to widespread market speculation over the status of three wells presently drilling on its Miami Fee prospect in Cameron Parish, La.
 (1) Miami Fee No. 1 Sidetrack -- a drilling liner has been set at approximately 14,840 feet. The well crossed an apparent fault at approximately 14,630 feet and is presently drilling ahead at approximately 14,945 feet.
 This well has not yet reached a depth adequate to encounter the Vicksburg pay sands found in the Miami Fee No. 1.
 (2) Miami Fee No. 2 -- A drilling liner is currently being set at approximately 15,345 feet. Drilling will recommence after the liner is tested. This well has not yet reached a depth adequate to encounter the Vicksburg pay sands found in the Miami Fee No. 1.
 (3) Miami Fee No. 3 -- Presently at 16,500 feet, this well appears to have crossed a major fault at about 15,300 feet, encountering sands of apparent Eocene age. The well is presently being deepened to determine the extent of these Eocene age sands. At this time insufficient information is available to determine whether these sands will be productive.
 As a result of the fault crossed in this wellbore, the Vicksburg interval encountered in the Miami Fee No. 1 well was not present.
 Plains Resources President, Patrick Collins, said that the company would ask the American Stock Exchange to investigate the source of the various rumors which resulted in the halted trading in the company's stock today.
 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- 7/31/92
 /CONTACT: Nancy J. Kerby, investor relations of Plains Resources, Inc., 713-654-1414/
 (PLX) CO: Plains Resources ST: Texas IN: OIL SU:


AH -- NY072 -- 5832 07/31/92 18:17 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:344
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