EXPLORATION DUE OFF ARGENTINA

Union Texas (Argentina) Ltd. has signed an exploration/production agreement with Yacimentos Petroliferos Fiscales SA (YPF), Argentina's national oil company, covering 4.4 million acre Block CCM-1. The tract lies in the Colorado basin, about 155 miles off Argentina in the South Atlantic Ocean. The area is located about 310 miles south of Buenos Aires. The agreement calls for a 3 year seismic program with an option to enter into a 4 year exploration program. Union Texas, with an 85% interest,

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