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SEAGULL ENERGY ANNOUNCES OUT-OF-COURT SETTLEMENT

 SEAGULL ENERGY ANNOUNCES OUT-OF-COURT SETTLEMENT
 HOUSTON, July 16 /PRNewswire/ -- Seagull Energy Corporation


(NYSE: SGO) announced today that it has reached an out-of-court settlement of pending litigation concerning seismic data it acquired with its purchase of Houston Oil & Minerals Corporation (HO&M) from Tenneco Inc. in November 1988.
 Seagull had alleged in the legal action that certain HO&M seismic data had not been delivered to Seagull, but instead was furnished to other purchasers of Tenneco exploration and production assets. Tenneco contended it was not obligated to deliver the data to Seagull.
 The settlement calls for Seagull to receive $2.6 million in cash and up to $5 million in pipeline business accommodations which are available until the end of 1995. At that time, Seagull will receive $3 million in cash, less the amount of any business accommodations realized in the interim.
 "Obviously, we are pleased to get this matter resolved," said Seagull Chairman Barry J. Galt. "As for financial impact, the settlement will provide us an increase in earnings of approximately $2.9 million, or 23 cents per share, which we will recognize in this year's second quarter."
 In addition to its natural gas exploration and production activities, Houston-based Seagull is also engaged in the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing.
 -0- 7/16/92
 /CONTACT: Alan Payne of Seagull Energy, 713-951-4700/
 (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU:


SM -- NY067 -- 9756 07/16/92 12:37 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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