[2] HOUSTON EXPLORATION COMMITS MORE PRODUCTION TO HEDGING PROGRAM; INCREASES EFFECTIVE CEILING PRICE FOR FOURTH QUARTER VOLUMES.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Oct. 23, 2000 The Houston Exploration Company (NYSE NYSE See: New York Stock Exchange :THX A design system that provides realistic sound playback for movie and home theater from THX, Ltd., San Rafael, CA (www.thx.com), an independent spin-off from Lucasfilm, Ltd. The THX Sound System was developed during the production of the Return of the Jedi in 1982 and named after George ) today announced that it is adding to the volumes it hedges for November and December. The additional volumes will add 40,000 MMBtu per day to November hedged production and 50,000 MMBtu per day in December. The Company hedged these additional volumes with swap prices averaging $5.10 per MMBtu in November and $5.19 per MMBtu in December. This effectively raises the ceiling price from $3.55 to $4.05 on hedged volumes for the period. At this time The Houston Exploration Company has not committed to any further hedges, but is evaluating these opportunities as part of its risk management policy. The various structures being considered are commensurate with providing a stable operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. while not limiting the Company's upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . The Houston Exploration Company (NYSE:THX) is a Houston-based independent natural gas and oil company engaged in the exploration, development and acquisition of domestic natural gas and oil properties. The Company's offshore properties are located in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and its onshore properties are located in South Texas, the Arkoma basin, South Louisiana, East Texas, and West Virginia. Information on the Company can be found on the Company's web site at (www.houstonexploration.com). Note: This news release contains forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act that involve risks and uncertainties, including price volatility, development, operational, implementation and opportunity risks, and other factors described from time to time in the company's publicly available SEC reports, which could cause actual results to differ materially from those expected. |
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