ADD to BW1125, FLORES-&-RUCKS.BATON ROUGE, La.--(BUSINESS WIRE)--March 10, 1997--Flores & Rucks, Inc. ("FNR FNR False Negative Rate FnR Find and Replace FNR Ford Nuclear Reactor FNR Future Net Revenue FNR For No Reason FNR Flexible Numbering Register FNR Fixed Network Reconfiguration FNR Frequency Normalization Response ") announced today it has completed an acquisition of certain interests in various state leases in the Main Pass Block 69 field, offshore Plaquemines Parish, Louisiana Plaquemines Parish (Cajun French: Paroisse Plaquemine) is the parish with the most combined land and water area in the U.S. state of Louisiana. The parish seat is Pointe à la Hache. As of 2000, the parish's population was 26,757. , from Chevron U.S.A. Inc. for a gross purchase price of $55.7 million. Strategically situated contiguous to the Company's pre-existing Main Pass 69 holdings, the acquisition includes interests in 27 producing wells located on 5,898 gross acres. Post acquisition, the Company owns a 100% working interest in the 27 wells. Current estimated production from the newly acquired interests is approximately 3,000 barrels of oil equivalent per day net to the Company. FNR's ownership now encompasses a total of approximately 22,000 gross acres in the Main Pass Block 69 field. James C. Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the , Chairman 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. , stated, "This acquisition of additional interests in the Main Pass 69 field is strategic to our already existing ownership and provides us with the opportunity to benefit from operational leverage and realize economies of scale using our current Main Pass 69 field personnel and equipment. This transaction will allow us to immediately commence full-scale development of the Main Pass area, which represents the second substantial component of our Delta core area of operations An operational area defined by the joint force commander for land and naval forces. Areas of operation do not typically encompass the entire operational area of the joint force commander, but should be large enough for component commanders to accomplish their missions and protect their . We plan to direct a significant amount of capital toward the Main Pass area in the next two years, with the opportunity to achieve results analogous to those experienced at our East Bay complex." Certain statements in this news release regarding future expectations, plans for acquisitions, dispositions, and oil and gas exploration, development, production and pricing 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 the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1995. Actual results may vary materially. Flores & Rucks, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at (504) 928-6222 or mail requests to 8440 Jefferson Highway, Suite 420, Baton Rouge, LA 70809. Additional information on FNR is located in the "Corporate News on the Net" section of Business Wire's home page (http:/www.businesswire.com). Those wishing to contact Chevron U.S.A. Inc. regarding this transaction may do so by calling Ken Rice at (713) 754-5008. CONTACT: Flores & Rucks Inc., Baton Rouge Michael O. Aldridge, 504/927-1450 |
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