REGAL <RGL>, BELL PETROLEUM IN REORGANIZATION
Regal International Inc said it proposed
to submit a plan of reorganization with the U.S. Bankruptcy
Court under which it will acquire Bell Petroleum Services INc's
by paying out all of its creditors and issue one share for each
shares of Bell's stock.
    This proposal has been amended from a previously rejected
offer of .50 Regal share for each Bell share.
    Regal said its will pursue the acquisition without the
support of Bell's management.
    Bell Petroleum filed its Chapter 11 petition in November
1986 and has not, as yet, filed a plan of reorganization but
has only sought an order extending the exclusive order,
according to Regal.
    Bell Petroleum President Ed Runyan said the company is
evaluating Regal's latest offer and evaluating other
alternatives.
    Runyan said Bell is meeting tomorrow with another potential
suitor.
   
 Reuter
