For Immediate Release               Contact:    John E. Brewster, Jr.
                                          Vice President
                                          (713) 658-4084

                           HOWELL CORPORATION TO BUY
                  CONOCO'S ELK BASIN INTERESTS FOR $26 MILLION

                  HOWELL'S OIL PRODUCTION TO INCREASE OVER 20%

      HOUSTON,  TEXAS,  October  18,  2001 --  HOWELL  CORPORATION  (HWL:  NYSE;
HWLLP:NASDAQ)  announced today that it has signed a definitive Purchase and Sale
Agreement  to acquire  Conoco  Inc.'s  interest  in the Elk Basin  Field for $26
million,  effective  September 1, 2001.  Closing is expected in  mid-November of
2001. The purchase will be financed through Howell's existing credit facility.

Howell is currently the operator of the Elk Basin Field. Prior to closing on the
acquisition,  the Company owns an approximate 27% working  interest in the field
which encompasses portions of Park County,  Wyoming, and Carbon County, Montana.
This acquisition will increase  Howell's  production by approximately  2,150 net
barrels  of  liquids  on a daily  basis,  86% of which is crude  oil.  With this
purchase,  Howell will own  approximately  64% of the  working  interest in this
field.

Howell's President and CEO, Richard K. Hebert, commented, "This acquisition will
increase  Howell's  ownership  interest  in  our  second  largest  property.  In
addition,  Howell's  reserves in the Elk Basin Field will more than  double.  At
closing, the Company's oil production will increase over 20% to more than 10,000
barrels of oil per day. This transaction  strengthens our core operating area in
Wyoming,  and is consistent  with our strategy to continue to grow the Company's
reserves and production volumes with quality, long lived properties."

Howell  Corporation,  based in Houston,  Texas, is an independent energy company
engaged in the acquisition,  exploitation,  and exploration of producing oil and
gas properties.

This press release  includes  forward-looking  statements  within the meaning of
Section 27 A of the Securities  Exchange Act of 1934.  Although  Howell believes
that its  expectations  are based upon  reasonable  assumptions,  it can give no
assurance  that its goals will be achieved.  Important  factors that could cause
actual results to differ materially from those in the forward looking statements
herein include the timing and extent of changes in commodity  prices for oil and
gas, the need to develop and replace  reserves,  uninsured risks,  environmental
risks,   drilling  and  operating  risks,   risks  related  to  exploration  and
development,  the  availability of capital  resources,  uncertainties  about the
estimates of reserves,  competition,  government regulation,  and the ability of
the company to meet its stated business goals.

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