UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15519 / September 30, 1997

     SECURITIES AND EXCHANGE COMMISSION v. DAVID R. PFISTER, RICHARD G. PFISTER,
     TY BARTEL, NICK A. SKANSI, NICK L. SKANSI, GEORGE S. PHARIS, CHOK-TAT TAN,
     JODY L. LAFONT, JEFFREY J. JANDEGIAN, and RANDOLPH R. BLACKBURN, 97 Civ.
     7274 (S.D.N.Y.) (JGK)

           The Securities and Exchange Commission ("Commission") announced today
     that it has charged eleven individuals (the "Defendants") with insider
     trading in the securities of Freeport-McMoRan Oil and Gas Royalty Trust
     ("FMR").  The Defendants purchased FMR securities just prior to FMR's
     announcement in June 1994 of a large oil discovery in the Gulf of Mexico in
     which FMR held a royalty interest (the "West Cameron Discovery"). 
     Together, the Defendants received over $200,000 in illicit profits by
     buying FMR securities prior to the announcement of the West Cameron
     Discovery.

          Named in the Complaint are:  

               David R. Pfister ("David Pfister"), age 37, residing in
               Lafayette, Louisiana;

               Richard G. Pfister ("Richard Pfister"), age 62,   residing in
          Metaire, Louisiana;

               Ty Bartel ("Bartel"), age 49, residing in Mandeville, Louisiana;

               Nick A. Skansi ("Nick Skansi"), age 41, residing in New
               Orleans, Louisiana;

               Nick L. Skansi ("Nick Skansi Sr."), age 67, residing in
                    New Orleans, Louisiana;

               David J. Skansi ("David Skansi"), age 37, residing in       New
          Orleans, Louisiana;

               George S. Pharis ("Pharis"), age 35, residing in New   Orleans,
          Louisiana;

               Chok-Tat Tan ("Tan"), age 50, residing in New Orleans,
               Louisiana;

               Jody L. Lafont ("Lafont"), age 38, residing in Harahan,
               Louisiana;

               Jeffrey J. Jandegian ("Jandegian"), age 46, residing in
                    River Ridge, Louisiana; and

               Randolph R. Blackburn ("Blackburn"), age 51, residing  in
          Lafayette, Louisiana.

          According to the Complaint:







          In June 1994, David Pfister worked for CLK, a geological consulting
     firm that provided services to FMR.  While at work on June 23, 1994, David
     Pfister learned about the West Cameron Discovery.  David Pfister
     immediately tipped his father, Richard Pfister, and his friends, Bartel and
     Nick Skansi.  Nick Skansi then tipped Nick Skansi Sr., David Skansi,
     Pharis, and Tan -- Nick Skansi's father, brother, brother-in-law, and co-
     worker, respectively.  Nick Skansi and Pharis also tipped Lafont, then a
     registered representative of Hibernia Investment Services Inc., a
     registered broker-dealer, who placed orders to purchase FMR securities for
     himself, Nick Skansi, Pharis, and David Skansi.  Richard Pfister tipped his
     co-worker, Jandegian.  One other individual, Blackburn, also purchased FMR
     securities after learning of the West Cameron Discovery while working as a
     consultant to Freeport.  All of the Defendants purchased FMR securities on
     June 23 and June 24, 1994, at $1.875 to $2.375 per share.  On Monday, June
     27, 1994, FMR publicly announced the West Cameron Discovery.  By the
     following day, the price of FMR securities had risen to $5.625 per share.

          The Commission seeks the following relief from the Defendants: (a)
     permanent injunctions prohibiting further violations of Section 10(b) of
     the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C.  78j(b),
     and Rule 10b-5 promulgated thereunder, 17 C.F.R.  140.10b-5; (b)
     disgorgement of all illicit insider trading profits; (c) prejudgment
     interest on those profits; and (d) civil monetary penalties, in an amount
     up to three times their illicit profits.  The Commission has filed its
     complaint in the United States District Court for the Southern District of
     New York.

          The Commission also announced that it reached settlements with David
     Pfister, Richard Pfister, Bartel, Jandegian and Blackburn.  These
     Defendants each consented to final judgments that permanently enjoined them
     from violating the antifraud provisions of the Exchange Act, ordered them
     to disgorge their illicit profits plus prejudgment interest, and imposed a
     civil penalty equal to the amount of their profits.  They agreed to pay the
     following disgorgment and penalties, respectively:  David Pfister,
     $5,625.00 and $4,600.00; Richard Pfister, $14,673.91 and $12,000.00;
     Bartel, $13,328.80 and $10,900.00; Jandegian, $4,585.60 and $3,750.00;
     Blackburn, $9,881.65 and $8,081.00.  The total disgorgment and penalties
     were $48,094.96 and $39,331.00, respectively.

          The Commission expresses its appreciation to the New York Stock
     Exchange, Inc. for its substantial assistance in the investigation of this
     matter.











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