Graham-McCormick Oil and GasPartnership said it completed the sale of interests in two
major oil and gas fields to &lt;Energy Assets International Corp>
for 21 mln dlrs.
    The company said it sold about one-half of its 50 pct
interest in the Oak Hill and North Rucias fields, its two
largest producing properties.
    It said it used about 20 mln dlrs of the proceeds to prepay
principal on its senior secured notes. Semi-annual principal
payments on the remaining 40 mln dlrs of notes have been
satisfied until December 1988 as a result, it said.
    The company said the note agreements were amended to
reflect an easing of some financial covenants, and an increase
of interest to 13.5 pct from 13.0 pct until December 1990.
    It said the noteholders exercise price for 1,125,000
warrants was also reduced to 50 cts from 1.50 dlrs.
    The company said Energy Assets agreed to share the costs of
increasing production at the Oak Hill field.

 Reuter
