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TEXOIL INC. ANNOUNCES SEISMIC SURVEY

 HOUSTON, Texas, Oct. 20 /PRNewswire/ -- Texoil Inc. (OTC-OVER THE COUNTER: TXOI) announces that a series of joint venture exploration prospects in South Louisiana, in which the company has significant participation rights, has recently indicated the completion of acquisition and processing of an approximate 15-square-mile 3-D seismic survey in the first two prospects, known as Bayou Lafourche and Lake Boeuf, both of which are located in the Lafourche Parish. The operator, Texas Meridian Resources Corp., Houston, also announced that similar projects utilizing 3-D seismic technology to explore for large reserve potential opportunities in the region are under way.
 Under the terms of an agreement entered into between Texoil and Texas Meridian on Dec. 31, 1992, Texoil has the option to participate for a working interest of up to 10 percent in 14 South Louisiana prospects following the completion of the 3-D seismic acquisition, processing, evaluation and a recommendation by Texas Meridian to Texoil and other partners for drilling of an exploratory test well on each prospect. Texoil's participation rights are on a prospect-by-prospect basis. In addition to the optional working interests, Texoil has overriding royalty interests ranging from 2 percent to 3.75 percent in each prospect.
 Texoil Inc. is an independent energy company engaged in oil and gas exploration and production. The company's common stock is traded in the over-the-counter market.
 -0- 10/20/93
 /CONTACT: William F. Coffin, 818-578-0500/
 (TXOI)


CO: Texoil Inc.; Texas Meridian Resources Corp. ST: Texas, Louisiana IN: OIL SU:

NY-LM -- LA052 -- 4873 10/20/93 20:25 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:253
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