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PLAINS RESOURCES COMPLETES STOCKER ACQUISITION

 PLAINS RESOURCES COMPLETES STOCKER ACQUISITION
 HOUSTON, June 8 /PRNewswire/ -- Plains Resources (AMEX: PLX) said


today it had completed its acquisition of Stocker Resources, Inc., a privately-held California corporation, and its associated limited partnership. The company said the final purchase price consisted of $14 million cash, 400,000 shares of Plains' common stock and a warrant to purchase an additional 150,000 shares of Plains' common stock at a price of $19.92 per share. Financing for the cash portion of the transaction was provided by Internationale Nederlanden Bank N.V.
 The company said that independent reservoir engineers had attributed proved producing reserves of about 13 million barrels of oil and 8 billion cubic feet of natural gas, and proved undeveloped reserves of an additional 4 million barrels of oil and 3 billion cubic feet of natural gas to the acquisition. At year-end 1991, Plains' proved reserves amounted to about 6.6 million barrels of oil and natural gas liquids and 43 billion cubic feet of natural gas.
 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- 6/8/92
 /CONTACT: Nancy J. Kerby, director-investor relations of Plains Resources, 713-654-1414/
 (PLX) CO: Plains Resources; Stocker Resources Inc. ST: Texas, California IN: OIL SU: TNM


TQ -- NY052 -- 7968 06/08/92 13:10 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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