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TXP TO SELL INTEREST IN CHALKLEY FIELD; EXPECTS TO PAY FINAL LIQUIDATING DISTRIBUTION BY YEAR-END

 TXP TO SELL INTEREST IN CHALKLEY FIELD;
 EXPECTS TO PAY FINAL LIQUIDATING DISTRIBUTION BY YEAR-END
 HOUSTON, June 23 /PRNewswire/ -- Transco Exploration Partners, Ltd. (TXP) (NYSE: EXP) has agreed to sell its interest in the Chalkley Field, located in Cameron Parish, La., to Torch Energy Advisors Incorporated for $82 million. The Chalkley Field is the partnership's last remaining significant asset to be sold pursuant to TXP's previously announced plan of liquidation.
 TXP expects to make liquidating distributions in a range of $0.90 to $1.00 per unit to the TXP unitholders, prior to year-end 1992. The final amount will be based upon the net proceeds from the sale of the Chalkley Field and other miscellaneous assets less certain costs, expenses and other liabilities.
 John P. DesBarres, chairman, president and chief executive officer of Transco Energy Company, the majority owner and general partner of TXP, said, "We are pleased to have reached an agreement that will facilitate the liquidation of TXP. TXP's efforts to obtain the best possible value for the Chalkley Field have resulted in a price which is higher than the bids received last September in TXP's initial attempt to sell its interest in the property. Merrill Lynch, Pierce, Fenner & Smith, Inc. has rendered an opinion on behalf of the unitholders stating that the transaction is fair from a financial point of view."
 Transco Exploration Partners, Ltd. announced its plans to sell its assets and liquidate the partnership in January 1989, and has made liquidating distributions totaling $9.85 per unit since that time. TXP was formed in 1983 as a Texas limited partnership through the transfer of the assets of Transco Exploration Company, a Transco Energy Company subsidiary. Transco Energy Company owns approximately 73 percent of the 77.2 million units outstanding and a one percent general partner interest.
 Transco Energy Company (NYSE: E) transports natural gas through its interstate pipeline systems to markets in the eastern and midwestern United States, arranges for the transportation and sale of natural gas throughout the U.S., and is active in independent power generation and natural gas vehicle fueling services. Transco also maintains modest positions in other energy-related businesses.
 -0- 6/23/92
 /CONTACT: Katherine K. Putnam, 713-439-2455, or R. Dean Ayers, 713-439-2593, both of Transco Energy Company/
 (E EXP) CO: Transco Exploration Partners, Ltd.; Transco Energy Company ST: Texas, Louisiana IN: OIL SU:


SM -- NY075 -- 2961 06/23/92 15:45 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:402
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