Anadarko Announces Natural Gas Discovery in Saddle Hills Area of Alberta, Canada.Photo Editors/Energy Editors/Business Editors NOTE: Multimedia assets available A map is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.022703/bb6 CALGARY, Alberta--(BUSINESS WIRE)--Feb. 27, 2003 Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) has drilled a natural gas discovery in the Saddle Hills area of Alberta, expanding the proven and probable reserves from 90 billion cubic feet (Bcf) previously to 130 Bcf of gas from this multi-zone play. The Saddle Hills 15-34-75-7W6 discovery well, drilled into the Devonian, is currently flowing at a rate of 15.9 million cubic feet (MMcf) of gas per day. With this 100 percent-owned well online, total production from Saddle Hills increased to 73 MMcf per day from a total of nine wells, compared with just 2 MMcf per day a year ago. Prior to Anadarko's activity increase in this area starting in late 2001, Saddle Hills had 6 Bcf of proven reserves. "Our exploration success and impressive production growth confirm Saddle Hills as a core development area for Anadarko," said Bob Daniels, President of Anadarko Canada Corporation. "We will continue to further define the Devonian potential this year, with two more exploratory wells and three development wells planned." Delineation of this discovery well will be a key focus for Anadarko in 2003, with nearly C$68 million allocated to development drilling, seismic and midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. activities to extend the play. An additional five exploratory and nine development wells also are planned for other zones in the same play. Anadarko holds 35,000 net acres in the Saddle Hills area. Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies. Houston-based Anadarko is active in the U.S., Canada, Algeria and Qatar and is executing strategic exploration programs in several other countries. More information is available at www.anadarko.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While Anadarko makes these forward-looking statements in good faith, neither Anadarko nor its management can guarantee that the anticipated future results will be achieved. Anadarko discloses 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. that comply with the Securities and Exchange Commission's (SEC) definitions. Additionally, Anadarko may disclose estimated recoverable reserves, which the SEC guidelines do not allow us to include in filings with the SEC. See Additional Factors Affecting Business in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial included in the company's 2001 Annual Report on 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. . Note: A map is available at URL: http://www.businesswire.com/cgi-bin/photo.cgi?pw.022703/bb6 |
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