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SEAGULL ENERGY CORPORATION ANNOUNCES DOUBLING OF PROVED RESERVES

 HOUSTON, Feb. 11 /PRNewswire/ -- Seagull Energy Corporation (NYSE: SGO) announced today that it more than doubled its proved reserves of natural gas, crude oil and condensate during 1992.
 According to reserve reports from independent petroleum engineers, Seagull ended 1992 with 884 billion cubic feet (Bcf) of proved gas reserves and 18 million barrels of proved crude oil, condensate and natural gas liquids reserves. A year earlier, the company's proved reserves totaled 335 Bcf of gas and 11 million barrels of oil, condensate and natural gas liquids.
 Measured in natural gas equivalents, Seagull's proved reserves incrased 148 percent from 401 billion cubic feet of gas equivalent (Bcfe) a year earlier to 993 Bcfe at the end of 1992.
 Seagull's purchase of Arkla Exploration Company on Dec. 31, 1992, accounted for the year's large increase in proved reserves. In addition, the company registered positive revisions to previous reserve estimates, primarily because of a highly successful exploitative program undertaken within Seagull's Mid-Continent operations.
 The company has launched a similar large-scale exploitation program on the former Arkla Exploration properties, which are now called Seagull's Mid-South operations. Mid-Continent exploitation efforts will continue unabated in 1993, as will exploration drilling concentrated in the "Seagull Trend" off the Texas coast in the Gulf of Mexico.
 Exploration and production capital expenditures of $109 million are budgeted by the company for 1993, compared with $32.1 million of similar spending in 1992. Of the 1993 expenditures, $20 million will be for exploration, $6 million for lease acquisitions and $83 million for exploitation and development activities. Capital expenditures for Seagull's other two business segments in 1993 will total about $10 million.
 In addition to its gas and oil exploration and production activity, Houston-based Seagull is engaged in the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing.
 SEAGULL ENERGY CORPORATION
 Proved Reserve Quantity Information
 Gas
 Oil(A) Gas(A) Equivalent(A)
 Beginning of 1991 5,791 127,709 162,457
 Purchases of reserves in place 4,639 167,098 194,934
 Sales of reserves in place (52) (506) (822)
 Revisions of previous estimates 982 7,675 13,567
 Discoveries and extensions 990 66,051 71,991
 Production (1,336) (32,906) (40,922)
 Beginning of 1992 11,014 335,121 401,205
 Purchases of reserves in place 6,691 573,526 613,669
 Sales of reserves in place (24) (181) (325)
 Revisions of previous estimates 1,548 (5,503) 3,786
 Discoveries and extensions 199 19,501 20,696
 Production (1,279) (38,137) (45,809)
 End of 1992 18,149 884,327 993,222
 (A) -- Oil stated in thousands of barrels. Gas stated in million cubic feet. Oil reserves converted to natural gas equivalents (MMcfe equals million cubic feet equivalent) at rate of one barrel of oil to 6,000 cubic feet of gas.
 -0- 2/11/93
 /CONTACT: Alan Payne of Seagull, 713-951-4700/
 (SGO)


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

GK -- NY077 -- 5841 02/11/93 16:05 EST
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Date:Feb 11, 1993
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