STREVIG: COMPETITION FOR U.S. RESERVES STILL STRONG

Competition for quality U.S. oil and gas reserves remains strong. Despite sagging crude oil prices, the median value of U.S. oil and gas reserves increased to $4.32/bbl of oil equivalent (BOE) in first quarter 1994 from $4.13/BOE in fourth quarter 1993, said investment banker Strevig & Associates, Houston. Value was buoyed by natural gas, which for the fifth consecutive quarter proved to be the fuel of choice in reserve transactions, Strevig said.

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