OTHER NEWS - Feb. 10, 1994

Texaco, Louisiana Settle Dispute: The state agreed to accept $250 million in cash and another $150 million in economic development projects from Texaco Inc. to settle a longstanding dispute over oil and gas lease royalties. The acceptance, made informally by the state mineral board with Gov. Edwin W. Edwards sitting in, must be ratified at a meeting Feb. 22 and accepted by a federal judge. The state filed suit in 1988, claiming underpaid royalties amounted to $387 million. The first payment would be $150 million five days after the settlement went into effect. Two other annual payments of $50 million would be made. Texaco would seek either to develop the remaining leases or sublet them to the state.