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                         NOTICE OF GUARANTEED DELIVERY
            TO TENDER SHARES OF SERIES A CONVERTIBLE PREFERRED STOCK
                                       of
                                  TEXOIL, INC.
                       Pursuant to the Offer to Purchase
                             Dated January 24, 2001
                                       by

                             OEI ACQUISITION CORP.,
                          a wholly-owned subsidiary of
                               OCEAN ENERGY, INC.
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     This form, or one substantially equivalent hereto, must be used to accept
the Offer (as defined below) if certificates for shares of Series A Convertible
Preferred Stock, par value $.01 per share (the "Preferred Shares"), of Texoil,
Inc., a Nevada corporation (the "Company"), are not immediately available or
time will not permit all required documents to reach the Depositary (as
described herein) on or prior to the Expiration Date (as defined in the Offer to
Purchase). This form may be delivered by hand, facsimile transmission or mail to
the Depositary. See Section 3 -- "Procedure for Tendering Shares" of the Offer
to Purchase, dated January 24, 2001 (the "Offer to Purchase").

                        The Depositary for the Offer is:

                         EQUISERVE TRUST COMPANY, N.A.

                                            
                   By Mail:                                       By Hand:
        EquiServe Trust Company, N.A.                       Boston EquiServe LP
              Corporate Actions                c/o Securities Transfer & Reporting Services,
                P.O. Box 43014                                      Inc.
          Providence, RI 02940-3014                     100 William Street, Galleria
                                                             New York, NY 10038

          By Facsimile Transmission:                       By Overnight Courier:
                (781) 575-2233                         EquiServe Trust Company, N.A.
        Investor Relations Telephone:                        Corporate Actions
                (781) 575-3120                               150 Royall Street
                                                              Canton, MA 02021



     DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS, OR
TRANSMISSION OF INSTRUMENTS VIA A FACSIMILE NUMBER, OTHER THAN AS SET FORTH
ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.

     THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE
SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE
GUARANTEED BY AN "ELIGIBLE INSTITUTION" UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE
SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.

              THE GUARANTEE ON THE REVERSE SIDE MUST BE COMPLETED.
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Ladies and Gentlemen:

     The undersigned hereby tenders to OEI Acquisition Corp., a Nevada
corporation, upon the terms and subject to the conditions set forth in the Offer
to Purchase and in the related Letter of Transmittal (which, together with all
amendments or supplements thereto, constitute the "Offer"), receipt of which is
hereby acknowledged, the number of Preferred Shares of the Company indicated
below, pursuant to the guaranteed delivery procedure set forth in Section
3 -- "Procedure for Tendering Shares" of the Offer to Purchase.

Number of Preferred Shares:
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Certificate No(s). (if available):

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Dated:
        ------------------------------------- , 2001
Name of Record Holder(s):
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Address:
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                                        (Zip Code)

Area Code and Telephone No:
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SIGNATURE(S):

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                                   GUARANTEE
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)

     The undersigned, a bank, broker, dealer, credit union, savings association
or other entity which is a member in good standing of a recognized Medallion
Program approved by the Securities Transfer Association Inc., including the
Securities Transfer Agents Medallion Program, the New York Stock Exchange
Medallion Signature Guarantee Program or the Stock Exchange Medallion Program or
any other "eligible guarantor institution" as defined in Rule 17Ad-15 under the
Securities Exchange Act of 1934, as amended, guarantees the delivery to the
Depositary of the Preferred Shares tendered hereby, in proper form for transfer,
together with a properly completed and duly executed Letter of Transmittal (or
manually signed facsimile(s) thereof) with any required signature guarantees,
and any other required documents all within three Nasdaq Small Cap Market
trading days of the date hereof.

Name of Firm:
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AUTHORIZED SIGNATURE:
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Name:
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                             (Please Print or Type)

Title:
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Address:
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Area Code & Telephone No.:
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Dated:
      ------------------------------------- , 2001

NOTE: DO NOT SEND SHARE CERTIFICATES WITH THIS NOTICE OF GUARANTEED DELIVERY.
      SHARE CERTIFICATES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.

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