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RANGER OIL PARTNERS APPROVE FORTH FIELD DEVELOPMENT

 CALGARY, Alberta, April 5 /PRNewswire/ -- Ranger Oil (NYSE: RGO; Toronto, Montreal: RGO) announces that all partners have approved development of the Forth oil field lying on Block 9/23b in the U.K. sector of the North Sea. First production is expected in early 1996 from a large, purpose-built, jack-up production platform.
 Field reserves are estimated at 185 million barrels of oil and 200 billion cubic feet of gas (to be developed at a later stage). Total development costs are estimated to be U.S. $600 million (400 million pounds) and production will plateau at 60,000 barrels of oil per day (3,000 barrels net to Ranger). Under the British Government's recent budget proposals, the field will be exempt from Petroleum Revenue Tax and only subject to a 33 percent corporation tax.
 The partners in the Forth field are:
 -- BP (Operator) 70 percent
 -- Repsol Exploration (U.K.) Ltd. 25 percent
 -- Ranger Oil (U.K.) Ltd. 5 percent
 -0- 4/5/93
 /CONTACT: J.G. Faulds, VP-Investor Relations of Ranger Oil, 403-232-5200/
 (RGO)


CO: Ranger Oil Ltd. ST: Alberta IN: OIL SU:

JB-BP -- LA012 -- 3037 04/05/93 12:21 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
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