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PUBLIC OFFERING ANNOUNCED ON 5.5 MILLION SHARES OF MITCHELL ENERGY & DEVELOPMENT CORP. CLASS B COMMON STOCK

 THE WOODLANDS, Texas, April 19 /PRNewswire/ -- Mitchell Energy & Development Corp. (NYSE: MND) today announced that it intends to publicly offer 4.5 million shares of its Class B common stock (exclusive of underwriter over-allotment options aggregating up to 825,000 shares), pursuant to a "shelf" registration statement it has filed with the Securities and Exchange Commission and subject to market conditions.
 In addition, Chairman and President George P. Mitchell plans to sell 1 million of his own Class B shares in conjunction with the company's public offering.
 The company currently has 23.2 million non-voting Class B shares and 23.5 million voting Class A shares outstanding, for a total of 46.7 million shares. As a result of the offerings, the number of Class B shares will increase by 19 percent, to 27.7 million shares outstanding.
 The primary purpose of the company's public offering is to raise funds to purchase its limited partner's interest in an affiliated development drilling partnership and to repay Mitchell Energy's proportionate share of that partnership's debt.
 George Mitchell said he is selling his stock for personal financial planning purposes but plans to maintain his majority ownership position and to continue as chairman and president for the foreseeable future. After the offering, he will own a total 28.5 million shares of Class A and Class B common stock, or 56 percent of total shares outstanding, assuming over-allotment options are not exercised.
 Of the 5.5 million shares to be sold to the public, a total of 3.6 million company shares and 800,000 shares owned by George Mitchell are being offered in the United States; 900,000 Company shares and 200,000 owned by George Mitchell are being offered internationally.
 Managing underwriters for the U.S. offering are Goldman, Sachs & Co.; The First Boston Corporation; and Merrill Lynch & Co. Managing underwriters for the international offering are Goldman Sachs International Limited, Credit Suisse First Boston Limited and Merrill Lynch International Limited.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Mitchell Energy & Development Corp. is one of the nation's largest independent producers of natural gas, natural gas liquids and crude oil. The Company also is a major real estate developer in the Houston- Galveston area. Its two classes of common stock are traded on the New York Stock Exchange under the MND A and MND B ticker symbols.
 -0- 4/19/93
 /CONTACT: Tony Lentini, 713-377-5654, or Charles Simpson, 713-377-5660, both of Mitchell Energy & Development Corp./
 (MND)


CO: Mitchell Energy & Development Corp. ST: Texas IN: OIL SU: OFR

PS -- NY050 -- 7254 04/19/93 10:01 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
Words:478
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