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WOLVERINE EXPLORATION ANNOUNCES AGREEMENT WITH UPRC

 FORT WORTH, Texas, July 14 /PRNewswire/ -- Wolverine Exploration Company ("WECO") has completed another step in resolving its indebtedness issues. On July 8, 1993, WECO and Union Pacific Resources Company ("UPRC") executed an agreement settling obligations which were related to their partnership interest in the High Island Equipment Company ("HITECO") and to the operating agreements covering the High Island 178 and A71/72 offshore leases. In payment of these obligations, WECO assigned all of its rights and interest in both HITECO and in certain Gulf of Mexico oil and gas properties (High Island 178, High Island A71/72 and Galveston 333). In July, 1992, UPRC had exercised its operator's lien with regard to the two High Island properties.
 The company's board of directors has also determined not to make the July 15, 1993, principal and interest payment with respect to the 14 percent subordinated debentures. The board has not determined, at this time, what future action it may take with regard to this issue.
 The company also announces the formation of a wholly-owned subsidiary, Lance Exploration Company ("Lance"), which will be headed by Wolverine's President, Glenn A. Adams, and, on a project basis, will focus its efforts on generating, assembling and marketing exploratory prospects, concentrating on large natural gas reserves in selected areas of the United States.
 -0- 7/14/93
 /CONTACT: Jeffrey L. Stevens for Wolverine Exploration Company, 817-339-1010/


CO: Wolverine Exploration Company; Union Pacific Resources Company ST: Texas IN: OIL SU:

LR -- NY048 -- 1414 07/14/93 12:27 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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