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UGI EXPECTS TO NET 25 CENTS PER SHARE FROM DISPOSITION OF OIL FIELD SERVICE INVESTMENTS

 VALLEY FORGE, Pa., Dec. 10 /PRNewswire/ -- UGI Corp. (NYSE: UGI), a holding company with utility and propane marketing subsidiaries, today reported that it expects to close on the disposition of substantially all of its remaining investments in oil field services on Tuesday, Dec. 14, and realize a net profit of approximately $7.9 million, or 25 cents a share.
 UGI said it will receive approximately $5.1 million from the sale of its common stock investment in UTI Energy Corp. (AMEX: UTI), Wayne, Pa., through UTI's initial public offering of common stock on Dec. 7. UTI and selling shareholders sold 2.9 million shares in the offering.
 UGI also will receive approximately $14.1 million in cash, a $3.5 million promissory note and warrants to purchase 162,000 shares of UTI's common stock at the initial public offering price of $8 a share from UTI's redemption of its preferred stock held by UGI. In addition, UGI will receive $2.3 million of accrued dividends.
 UTI Energy owns and operates a significant portion of UGI's former oil field businesses, which include contract drilling, pressure pumping services and oil field supplies.
 /delval/
 -0- 12/10/93
 /CONTACT: Vince Testa of UGI, 215-337-1000/
 (UGI UTI)


CO: UGI Corporation; UTI Energy Corp. ST: Pennsylvania IN: UTI OIL SU: TNM

MK-LJ -- PH010 -- 2594 12/10/93 11:44 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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