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             U.S. SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 14968 / June 28, 1996

SECURITIES AND EXCHANGE COMMISSION V. SOUTHERN CALIFORNIA
SECURITIES, INC., GRIZZLY OPERATING CORP. DBA CHEROKEE OPERATING
CO., BUCKEYE DEVELOPMENT CORP. DBA WESTERN RESERVE DEVELOPMENT
CORP., JAMES E. HAMMONDS AND RAYMOND C. GROSS, Civil Action No.
94-6156 HLH (JRx)

The Securities and Exchange Commission announced that on June 26,
1996, it filed a motion for civil contempt against Defendant
Raymond C. Gross ("Gross") in the U.S. District Court for the
Central District of California based upon Gross' failure to pay
Court-ordered disgorgement and prejudgment interest awarded as a
result of the Commission's civil enforcement action.  The
Commission's action alleged, and the Court found, that Gross and
others made misrepresentations to investors in offerings of oil
and gas limited partnerships in violation of the antifraud
provisions of the federal securities laws.  On January 17, 1996,
the Court entered a Judgment Setting Amounts of Disgorgement and
Civil Penalties Against Defendants James E. Hammonds and Raymond
C. Gross ("Judgment") following the Court's granting the
Commission's summary judgment motion.

The Judgment orders Gross to pay disgorgement in the total sum of
$652,162, plus prejudgment interest of $86,278 thereon.