SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Litigation Release No. 15523 / October 1, 1997

     SECURITIES AND EXCHANGE COMMISSION v. RUSSELL S. SMITH, ET AL., United
     States District Court for the Western District of Kentucky, Civil Action
     No. 1:96CV-166-R (W.D.Ky, September 27, 1996)(TBR)

          The Securities and Exchange Commission announced today that the United
     States District Court for the Western District of Kentucky entered on
     September 30, 1997, a Final Judgment permanently enjoining John E. Burse, a
     former securities salesman with Smitco Oil, Inc. of Albany, Kentucky
     ("Smitco"), from committing future violations of the antifraud and
     registration provisions of the federal securities laws.  Similar Final
     Judgments were entered against Burse's co-defendants James O. Foust on July
     16, 1997, and Russell S. Smith and James E. Fisher on June 25, 1997.
         
          The Commissions's Complaint in SEC v. Russell S. Smith, et al.,
     alleged that Smith, president of Smitco, Foust, a former principal of
     Smitco, and Burse and Fisher, two salesmen formerly employed by Smitco,
     over a period extending from fall of 1992 to the fall of 1993, raised
     approximately $1.4 million from investors selling undivided working
     interests in oil leases in an unregistered public offering.  The offering
     employed high-pressure telephone calls and written offering materials that
     portrayed the working interests in a misleading fashion and failed to
     adequately state the risks of the investments.

          Without admitting or denying the allegations in the Complaint, Smith,
     Foust, Burse and Fisher (collectively, the "Defendants") consented to the
     entry of the Final Judgments against them.  The Final Judgments enjoin the
     Defendants from future violations of Sections 5 and 17(a) of the Securities
     Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule
     10b-5 promulgated thereunder, waive (for all defendants but Foust, from
     whom no disgorgement was sought) payment of disgorgement based on their
     financial condition as represented in their sworn financial statements to
     the Commission, and decline to impose civil penalties, also based on the
     Defendants' financial condition.  

          For more information, see Litigation Release No. 15083 (September 27,
     1996).  [Securities and Exchange Commission v. Russell S. Smith, et al.,
     Civ. Action No. 1:96CV-166-R (W.D.Ky, September 27, 1996) (TBR)]











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