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                                        For Further Information Contact:
                                        Greg D. Kerley
                                        Senior Vice President and
                                          Chief Financial Officer
                                        (501) 521-1141


                 SOUTHWESTERN ENERGY COMPANY EXTENDS AND AMENDS
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                           SHARE PURCHASE RIGHTS PLAN
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         Fayetteville,  Arkansas -- April 7, 1999...Southwestern  Energy Company
(NYSE:  SWN)  announced  today  that its  Board of  Directors  approved  certain
amendments to the Company's Share Purchase  Rights Plan,  including an extension
of the Plan for an additional 10 years. The Rights Plan,  originally  adopted in
May 1989, will now expire on April 11, 2009.
         Each certificate for outstanding  shares of Southwestern  Energy common
stock  represents,  and will continue to  represent,  an equal number of Rights,
which are not currently exercisable.  The amended Plan specifies that if a third
party or group acquires 15% or more of  Southwestern  Energy common stock (other
than pursuant to a tender offer for all outstanding  shares on terms approved by
the Board of Directors) or if the Board  determines  that a person or group that
has  acquired 10% of the common stock  presents a threat to the  long-term  best
interests of the Company or its stockholders, the Rights will become exercisable
and the Rights holders (other than such triggering acquiror) will be entitled to
purchase  for the $40 exercise  price  Southwestern  Energy  common stock with a
market value of $80.  Similarly,  if Southwestern Energy is acquired in a merger
or other business  combination after the Rights become  exercisable,  each Right
will entitle the holder to purchase shares of the acquiror's common stock having
a market value equal to twice the Right's exercise price.
         "This  amendment  and  extension of our Rights Plan will not prevent an
acquisition  of the Company  that the Board of Directors  determines  provides a
full price for all shareholders,"  stated Harold M. Korell,  President and Chief
Executive Officer of Southwestern  Energy.  "It is designed to deter acquisition
attempts  involving  coercive  techniques or an inadequate  price that the Board
determines are not in the best interests of shareholders."
         Southwestern  Energy Company is an integrated natural gas company whose
wholly-owned subsidiaries are engaged in gas and oil exploration and production,
natural gas gathering,  transmission,  marketing,  and natural gas distribution.
For  more  information  about  Southwestern,   please  visit  our  web  site  at
www.swn.com.
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