1


                                                                    EXHIBIT 99.2


                                [Press Release]
                              [Apache Letterhead]

CONTACTS:

(MEDIA):                  JOHN KELSO               (713) 296-6155
                          TONY LENTINI             (713) 296-6227
(INVESTOR):               ROBERT DYE               (713) 296-6662

                                                           FOR IMMEDIATE RELEASE

                       APACHE AND PHOENIX COMPLETE MERGER

         Houston (May 20, 1996) -- Apache Corporation (NYSE: APA) and The
Phoenix Resource Companies, Inc. (AMEX: PHN) today announced that Phoenix
shareholders have approved the merger of Houston-based Apache and Oklahoma
City, Oklahoma-based Phoenix.  Of the voting Phoenix shares, 98 percent were
cast in favor of the merger.  Shortly after receiving shareholder approval, the
merger was consummated and Phoenix became a wholly owned subsidiary of Apache.

         In conjunction with the merger, George D. Lawrence, Jr., Phoenix's
president and chief executive officer, joined Apache's board of directors.

         Phoenix shareholders will receive .75 shares of Apache common stock
plus $4.00 in cash for each share of Phoenix common stock.  Approximately 12.1
million Apache shares will be issued pursuant to the merger agreement.

         All of Phoenix's oil and gas assets are in the Western Desert of
Egypt, where Apache has held interests since 1993.  With the merger, Apache
will hold a 75 percent interest in the Qarun oil field, which is currently
producing approximately 6,500 barrels of oil per day and which is expected to
produce roughly 35,000 barrels per day following completion of production
facilities and a 30-mile pipeline in the fourth quarter.

         Apache Corporation is a large gas and oil independent with operations
in North America and abroad.  Its shares are traded on the New York and Chicago
stock exchanges.

                                     -end-