Exhibit 10.160

                      ASSIGNMENT OF RECORD TITLE INTEREST

UNITED STATES OF AMERICA
OUTER CONTINENTAL SHELF
OFFSHORE LOUISIANA
                                  WITNESSETH:

THAT,  SANTA FE ENERGY RESOURCES, INC., a Delaware corporation, the address of
which is 1616 South Voss, Suite  1000, Houston, Texas 77057 ( Assignor ),  for
valuable  consideration,  the  receipt  and  sufficiency  of which  is  hereby
acknowledged,  does  hereby grant,  convey,  assign, transfer  and  deliver to
READING & BATES DEVELOPMENT CO., a Delaware corporation, the  address of which
is  901 Threadneedle,  Houston,  Texas 77079-2902  ( Assignee ), an  undivided
fifty percent (50.00000%) record title interest (the  Interest ) in and to the
following described Oil and Gas Lease (hereinafter the  Lease ), to wit:

      Oil and Gas Lease of  Submerged Lands  under the Outer Continental
      Shelf Lands Act, bearing Serial No. OCS-G 17355, effective January
      1,  1997 covering  all of  Block 372,  Garden Banks,  OCS Official
      Protraction Diagram, NG 15-2, containing approximately 5760 acres,
      more or less.

TO  HAVE AND  TO HOLD  the Interest  in and  to the  Lease unto  Assignee, its
successors and  assigns, together with  all rights and  privileges appurtenant
thereto, subject to and in accordance with all the terms and provisions of the
Lease.

This  Assignment  is  made without  warranty  of  title,  express, implied  or
statutory,  except  as  to persons  lawfully  claiming  by,  through or  under
Assignor,  but not otherwise; however,  Assignee shall have  the right of full
substitution and  subrogation, to the extent assignable, in and to any and all
rights  and  actions  in   warranty  which  Assignor  may  have   against  its
predecessors in title.

This Assignment  is made by Assignor  and accepted by Assignee  subject to all
the  terms  and  conditions  of that  certain  Participation  Agreement  dated
December 4, 1996.  Assignor warrants that  the Interest is not subject to  any
liens or  encumbrances other than  Lessor s royalty  and that lease  bonus and
delay rentals have been paid to date. 

The terms  and conditions of this Assignment shall inure to the benefit of and
be  binding  upon  the parties  hereto  and  their  respective successors  and
assigns.

This Assignment is made effective January  2, 1997, subject to the approval by
the Minerals  Management Service,  United States  Department of  the Interior,
pursuant to 30 CFR 256.

IN WITNESS WHEREOF, this Assignment is  executed as of the dates shown in  the
respective acknowledgments  of  the  parties hereto,  but  effective  for  all
purposes as of January 2, 1997.

                                    ASSIGNOR:

Witnesses:                          SANTA FE ENERGY RESOURCES, INC.


                                    By:      A. T. McCarroll
                                    Title:   Division  Manager, Exploration
                                                Gulf Division

                                    ASSIGNEE:

Witnesses:                          READING & BATES DEVELOPMENT CO.

                                    By:     Wayne K. Hillin
                                    Title:  Secretary