EEX Corp. agreed to sell substantially all of its oil and gasproperties in Oklahoma and the Hardeman Basin, North Central Texas,for about $32 million in cash. Lariat Petroleum Inc. is acquiringthe properties in Oklahoma, and Key Production Co. Inc. isacquiring the Hardeman Basin properties. Aggregate daily productionfrom these properties is about 15 MMcfe/d of gas.

“These transactions represent a continuation of our program tomonetize our non-core onshore properties for reinvestment in theGulf of Mexico,” said EEX CEO Tom Hamilton. EEX expects to closeboth transactions prior to the end of 1998. The combinedtransactions will result in a pre-tax book gain of about $12million.

EEX is an oil and natural gas exploration and production companywith activities currently focused in Texas, the Gulf of Mexico andIndonesia.

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