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Parker & Parsley Petroleum Company receives exploration permit for Block AC95-1 in the Timor Sea.

MIDLAND, Texas--(BUSINESS WIRE)--March 8, 1996--Parker & Parsley Petroleum Company ("Parker & Parsley") (NYSE:PDP), with its joint venture partners Oryx NW Shelf Australia Energy Pty Ltd and Yukong Ltd., have been offered an offshore exploration permit over Area AC95-1 located in the Timor Sea region of Australia's North West Shelf.

The exploration permit, which covers an area of 3,241 square kilometers, is located to the southwest of the recent Corallina and Laminaria oil discoveries and north of the currently producing Jabiru and Challis oil fields. The permit is also 130 kilometers west of ZOCA 91-13 which contains the giant Bayu gas/condensate field in which Parker & Parsley has a 22.5% interest. Water depths across the permit range between 80 and 500 meters and is located some 640 kilometers from the Australian port of Darwin.

The permit will be awarded to Parker & Parsley and its joint venture partners for an initial six year term, and will commit the joint venture to a guaranteed minimum work program for the first three years of four exploration wells and 2,000 kilometers of 2D seismic acquisition. -0-

 Equities in the Area AC95-1 exploration permit are as follows:

 Parker & Parsley Australasia Pty Limited
 (a subsidiary of Parker & Parsley Petroleum Company) 33 1/3%

 Oryx NW Shelf Australia Energy Pty Ltd 33 1/3%

 Yukong Ltd 33 1/3%

Parker & Parsley Petroleum Company is one of the largest public independent oil and gas exploration and production companies in the United States. Parker & Parsley's oil and gas properties are located in the United States principally in the Permian Basin of West Texas, the onshore Gulf Coast region of South Texas and Louisiana, the Mid-Continent region, and internationally, in Argentina and Australia.

CONTACT: Parker & Parsley Petroleum Co., Midland

Tim Dove, (915) 683-4768
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Publication:Business Wire
Date:Mar 8, 1996
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