Oneok completed two reserve acquisitions totaling $54 millionwith estimated proven reserves that could exceed 75 Bcfe. Bothdeals are for primarily natural gas reserves in Oklahoma. Acash-for-stock agreement was made to acquire the privately heldOklahoma properties of Anderman Oil Corp., AOL Holdings Inc., andMohan Petroleum Oklahoma Inc. The purchase price is $28.5 million,subject to certain adjustments, with an effective date of Aug. 1,1998. Oneok also will acquire properties from St. Mary Land &Exploration Co. for $25.5 million, subject to adjustments, with aneffective date of Sept. 1.

The Anderman deal includes more than 500 producing wells andsignificant behind-pipe and development drilling opportunities,predominantly gas and mainly in the Anadarko Basin. Oneok expectsactive development on the properties for fiscal year 1999. Provedreserve estimates on the package could exceed 32 Bcfe.

The St. Mary deal includes more than 118 producing oil and gasproperties, all of which are in Beckham and Roger Mills counties,OK. These properties also are mainly gas as well with provedreserves estimated to exceed 43 Bcfe.

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