GRAHAM-MCCORMICK &lt;GOP> SELLS OIL AND GAS STAKE

  Graham-McCormick Oil and Gas
  Partnership said it completed the sale of interests in two
  major oil and gas fields to &lt;Energy Assets International Corp>
  for 21 mln dlrs.
      The company said it sold about one-half of its 50 pct
  interest in the Oak Hill and North Rucias fields, its two
  largest producing properties.
      It said it used about 20 mln dlrs of the proceeds to prepay
  principal on its senior secured notes. Semi-annual principal
  payments on the remaining 40 mln dlrs of notes have been
  satisfied until December 1988 as a result, it said.
      The company said the note agreements were amended to
  reflect an easing of some financial covenants, and an increase
  of interest to 13.5 pct from 13.0 pct until December 1990.
      It said the noteholders exercise price for 1,125,000
  warrants was also reduced to 50 cts from 1.50 dlrs.
      The company said Energy Assets agreed to share the costs of
  increasing production at the Oak Hill field.
  

