American Resources of Delaware, Inc. announces sharp increase in production rates of its Gulf of Mexico oil and gas properties.VERSAILLES, Ky.--(BUSINESS WIRE)--Nov. 25, 1996--American Resources of Delaware, Inc. (the "Company") today announced that all of the wells located on South Timbalier 148 which the Company acquired from Century Offshore Management Corporation in July of this year have been successfully completed. Newfield Exploration is the operator of the field and is also a joint working interest owner of the wells. Due to the addition of this production, the Company's current net rate of production from all of its Gulf properties has increased to 1,090 barrels ("BBLS BBLS Barrels BBLS Bachelor of Business and Legal Studies (University College Dublin, Ireland) BBLS Be Back Later Sometime BBLS Binary Bent-Lifted Sequence BBLS Bare Base Life Support ") of oil and 7,735 thousand cubic feet ("MCF MCF malignant catarrhal fever. ") of gas per day, compared with an average of 444 BBLS of oil and 469 MCF of gas per day for the first nine months of 1996. Rick Avare, the Company's 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. , commented: "We have made significant progress toward our goal of developing production and reserves 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 . The Company's proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. are now equally divided between the Gulf Coast and Appalachian regions." -0-
NET PRODUCTION RATES OF GULF OF MEXICO PROPERTIES
BBLS/D MCF/D
Current rate of production 1,090 7,735
Average Production January-September, 1996 444 469
Average Production May-December, 1995 414 214
Average Production 1994 0 0
CONTACT: American Resources of Delaware, Inc., Versailles Investor Relations Investor relations The process by which the corporation communicates with its investors. , 606/873-5455 |
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