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SEAGULL ENERGY CLOSES OFFERING OF COMMON SHARES

 HOUSTON, Feb. 8 /PRNewswire/ -- Seagull Energy Corporation (NYSE: SGO) announced today that it has closed on its offering of 4.4 million common shares offered by a group of underwriters led by Donaldson, Lufkin & Jenrette Securities Corporation.
 The company said the U.S. underwriters also exercised their over- allotment option to purchase an additional 660,000 shares. Thus, a total of 5,060,000 shares were sold at a price of $33.75 each, netting Seagull $163.8 million after all expenses.
 The proceeds will be used this week to completely retire a $150 million term loan Seagull incurred on Dec. 31, 1992, in connection with its $397 million purchase of Arkla Exploration Company. The remaining proceeds will be applied to reduce the amount outstanding under a revolving credit line.
 "Obviously, we were extremely pleased with the results of the offering," said Seagull Chairman Barry J. Galt. "After applying the proceeds, we expect our debt to be about 53 percent of total capitalization at March 31, 1993, compared with a level of 72.8 percent prior to the offering.
 "This much improvement in our balance sheet gives us far greater flexibility in pursuing our primary corporate objective of adding to our growing portfolio of natural gas reserves," he added.
 Houston-based Seagull is engaged in natural gas exploration and production; the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing.
 -0- 2/8/93
 /CONTACT: Alan Payne of Seagull Energy Corporation, 713-951-4700/
 (SGO)


CO: Seagull Energy Corporation ST: Texas IN: OIL SU: OFR

WB -- NY076 -- 4149 02/08/93 13:28 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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