NUEVO ENERGY CO
S-4, EX-99.2, 2000-11-30
CRUDE PETROLEUM & NATURAL GAS
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<PAGE>   1

                                                                    EXHIBIT 99.2

                                   GUARANTEE
                   (NOT TO BE USED FOR SIGNATURE GUARANTEES)

     The undersigned, a financial institution that is a participant in the
Securities Transfer Agents Medallion Program, the New York Stock Exchange
Medallion Signature Program or the Stock Exchanges Medallion Program, hereby
guarantees that the undersigned will deliver to the Exchange Agent the
certificates representing the Existing Notes being tendered hereby in proper
form for transfer or confirmation of book-entry transfer of such Existing Notes
into the Exchange Agent's account at DTC pursuant to the procedures for
book-entry transfer set forth in the Prospectus, in either case, together with
one or more properly completed and duly executed letters of transmittal/or
facsimile thereof or Agent's Message in lieu thereof and any other documents
required by the Letter of Transmittal within five business days after the
Expiration Date.

Name of Firm:
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Address:
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Area Code & Telephone No.:
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Authorized Signature

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Name (Please Type or Print)

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Title

----------------------------------------------- , 2000
Date

NOTE: DO NOT SEND CERTIFICATES OF EXISTING NOTES WITH THIS FORM. CERTIFICATES OF
EXISTING NOTES SHOULD BE SENT ONLY WITH A COPY OF THE LETTER OF TRANSMITTAL.


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