American Exploration Co said it isoffering units in New York Life Oil and Gas Producing
Properties Program II.
    It said the offer consists of 75 mln dlrs of preformation
units, representing limited partnership interests.
    The unit, which will acquire producing oil and gas
properites, is being formed by a unit of American Exploration
and NYLIFE Equity Inc, a unit of &lt;New York Life Insurance Co>.
Both companies will be general partners.
 Reuter
