3DX Technologies Inc. Announces Property Sale and Exploratory Test.HOUSTON--(BUSINESS WIRE)--3DX Technologies Inc. (Nasdaq:TDXT) today announced that it has completed a transaction with a large independent company on its Ramrod ram·rod n. 1. A rod used to force the charge into a muzzleloading firearm. 2. A rod used to clean the barrel of a firearm. 3. A harshly demanding overseer; a disciplinarian. tr.v. Project in Matagorda County, Texas Matagorda County is a county located in the U.S. state of Texas. As of 2000, the population was 37,957. Its county seat is Bay City6. Matagorda County is named for the canebrakes which once grew along the coast (Matagorda is a Spanish word meaning "thick bush"). . The transaction includes: the purchase of half of 3DX's working interest in the producing wells from Rusty Field for $2,000,000 and a commitment to drill an exploratory test. The company's Rusty Field is currently producing 9.2 MMCFG/D and 140 BC/D (8/8ths) from five wells including the LeTulle Estate wells and the St. George Gas Unit No. 1. 3DX had previously owned a 40% working interest in both the producing and exploration assets and now will retain a 20% working interest in both. Ronald Nowak, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "The proceeds from the completion of this production sale will be used to improve 3DX's current financial condition and the exploration well assures 3DX of continued evaluation of the property. The transaction will positively impact the financial strength of the company and the recently announced intent to merge with Fortune Natural Resources Corporation (AMEX AMEX See: American Stock Exchange :FPX FPX FlashPix (image format, file extension) FPX Field-Programmable Port Extender FPX Financial Post Index FPX Fixed Price Exercise FPX Flash Pix FPX Fixed Programmable Port Extender )." 3DX Technologies Inc. is a knowledge-based oil and gas exploration company whose core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. and strategic focus is the utilization of 3-D seismic imaging and other advanced technologies in the search for commercial quantities of hydrocarbons. Certain statements in this news release regarding future expectations and plans for oil and gas exploration, development and production may be regarded as "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. They are subject to various risks, such as operating hazards, drilling risks, and other uncertainties inherent in the business of exploring for, developing and producing oil and gas which may be beyond the company's control. These risks are discussed in detail in the company's Annual Report on Form 10-K for the year ended Dec. 31, 1997, as well as other filings with the Securities and Exchange Commission. There can be no assurance that the company's exploration activities will be successful in meeting the company's expectations. |
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