From NewsHound@hound.com Wed Mar 24 21:14:01 1999 Williams, BP Amoco and the Southern Ute Indian Tribe Negotiating Settlement TULSA, Okla., March 24 /PRNewswire/ -- The Williams Companies, Inc. (NYSE: WMB), BP Amoco P.L.C. (NYSE: BPA) and the Southern Ute Indian Tribe jointly announced today that they are in settlement negotiations to finalize the terms of an agreement in connection with the claims asserted against The Williams Companies in the case of Southern Ute Indian Tribe v. Amoco Production Company, et al. Under the proposed settlement, Williams Production Co. (WPC), a wholly-owned subsidiary of The Williams Companies, Inc., will convert its net profits interest in the production from the oil and gas leases in dispute in the lawsuit into a working interest. A portion of WPC's working interest will then be transferred to the Southern Ute Indian Tribe (Tribe) effective Jan. 1, 1999. The Tribe will release WPC from all other claims asserted in the lawsuit, including its claim to the value of the income generated by WPC's net profits increase since the wells were drilled. Amoco Production Company (APC), a wholly-owned subsidiary of BP Amoco, will continue to operate the disputed properties. This pending agreement does not address key issues still being pursued on appeal to the U.S. Supreme Court, which is expected to render its decision by mid-1999. Numerous issues for BP Amoco, WPC and the other defendants remain unresolved. Those issues include the ownership of the natural gas in the coal formation, tribal severance tax payments and other matters. APC will continue to serve as the class representative in the U.S. Supreme Court on its own behalf, for the other oil company defendants and for approximately 3,000 royalty owners. The royalty owners have not settled any of the Tribe's claims against them. The details of this settlement are still being negotiated, and it must be approved by the U.S. District Court after an opportunity for review and comment. All parties express confidence that they will be successful in reaching a final agreement on their partial settlement in principal and that it will be approved by the court. Portions of this document may constitute `forward-looking statements` as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the `safe harbor` protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission. SOURCE Williams /CONTACT: Kelly Swan of The Williams Companies, Inc., 918-573-6932; or Andrew Van Chau of Amoco Production Company, 281-366-3701; or Thomas H. Shipps of Southern Ute Indian Tribe, 970-247-1755/ Production Company; BP Amoco P.L.C.; Southern Ute Indian Tribe ST: Oklahoma, England IN: OIL SU: LAW DF-FS -- DAW032 -- 6531 03/24/99 17:10 EST http://www.prnewswire.com For more information, visit the NewsHound website at http://www.newshound.com or send an email to speak@hound.com.