BELL PETROLEUM &lt;BPSIO>, REGAL TO FORM PLAN

  Bell Petroleum Services Inc said it
  agreed to begin talks with Regal International Inc to form a
  plan of reorganization under which Bell would become a
  subsidiary of Regal.
      The plan would be subject to Bankruptcy court approval due
  to Bell's status as a debtor-in-possesion under Chapter 11. the
  company's expect to file a plan by the end of May.
      This agreement terminates litigation between the companies
  concerning previous attempts at a plan of reorganization..
      Bell is also free to continue talks with any third parties
  interested in an acquisition, it said.
  

