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For Immediate Release
Contact: Steven Bragg (212) 909-2031/Andrew Macmillan (212) 909-2808
CS FIRST BOSTON SELECTED AS FINANCIAL
ADVISOR TO U.S. GOVERNMENT ON THE SALE OF
ELK HILLS NAVAL PETROLEUM RESERVE
Petrie Parkman and Co. to provide energy related investment
banking services
New York, N.Y., April 11, 1996 - The U.S. Department of Energy has selected CS First Boston as financial advisor on the sale of the Government's 78% interest in the Elk Hills Naval Petroleum Reserve in California - estimated in recent Congressional testimony to be worth in excess of $2.5 billion.
CS First Boston and Petrie Parkman and Co. will work together to manage the divestiture of Elk Hills, which includes the 11th largest oil field in the United States and the largest gas-producing field in California. The sale will represent on the largest privatizations in U.S. history and will likely be the largest privatization since the sale of Conrail in 1987.
CS First Boston was chosen from four finalists that the Energy Department invited to submit preliminary sales strategies. In total, 17 firms had indicated an interest in administering the sale.
In making its selection, the Department of Energy said, "Each of the four finalists was highly qualified and very capable of carrying our the Elk Hills sale. Based on the experience and expertise of the CS First Boston and Petrie Parkman personnel and their comprehensive initial sales strategy, we concluded that the team would be best able to meet our objectives of obtaining maximum value for the Elk Hills asset for the taxpayer."
CS First Boston is a global investment bank, headquartered in New York with offices in 23 countries and an outstanding record in advising on world-wide oil and gas privatizations.
Denver-based Petrie Parkman and Co. is a specialty firm providing investment banking services to, and research on, the energy industry.
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