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TIDE WEST OIL COMPANY ANNOUNCES DRACO GAS PARTNERS, L.P. HAS EXECUTED PURCHASE AND SALE AGREEMENT WITH ORYX ENERGY COMPANY

 TIDE WEST OIL COMPANY ANNOUNCES DRACO GAS PARTNERS, L.P. HAS
 EXECUTED PURCHASE AND SALE AGREEMENT WITH ORYX ENERGY COMPANY
 HOLDENVILLE, Okla., July 27 /PRNewswire/ -- Tide West Oil Company (NASDAQ: TIDE) announced today that Draco Gas Partners, L.P. has executed a purchase and sale agreement with Oryx Energy Company for Draco to purchase 127 oil and gas properties in Oklahoma and Texas for $23.5 million. Total net proved reserves are estimated by Draco to be approximately 35 billion cubic feet of gas and 800,000 barrels of oil.
 It has been previously announced that Draco is currently being acquired by Tide West.
 Tide West Oil Company has been engaged primarily in exploration and development drilling in the Austin Chalk Trend in South Texas, the Anadarko Basin in western Oklahoma, and the Arkoma Basin in southeastern Oklahoma.
 Draco has been engaged in the acquisition and development of oil and gas properties throughout the Mid-Continent region of the U.S. The equity of Draco is owned approximately 12 percent by management and 88 percent by Natural Gas Partners, L.P. (NGP), a $200 million partnership organized by financier Richard Rainwater of Texas and managed by R. Gamble Baldwin. Representatives of Natural Gas Partners are expected to become directors of Tide West following the acquisition.
 -0- 7/27/92
 /CONTACT: Larry Howell of Howell Communications, 214-340-9994, Douglas J. Flint, president of Tide West Oil, 405-379-5417, or Philip B. Smith of Draco Gas Partners, 918-250-7666/
 (TIDE) CO: Tide West Oil Co.; Draco Gas Partners L.P.; Oryx Energy Co. ST: Oklahoma IN: OIL SU: TNM


KD -- NY061 -- 3492 07/27/92 11:44 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
Words:272
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