Anadarko Announces Significant Gas Discoveries in Texas & Louisiana, Plans 5% Production Growth for 2003.Business/Energy Editors NOTE TO MEDIA: A map and photos are available HOUSTON--(BUSINESS WIRE)--June 17, 2002 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 made significant natural gas discoveries in two new areas in East Texas and North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. and is continuing to expand the limits of its Bossier Bossier may refer to:
"Our strategy for 2002 is to focus on exploration, and we have been very successful at that," said John Seitz, Anadarko 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. . "Anadarko's 2002 drilling program in the onshore U.S. and offshore 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 , when combined with our excellent results this winter in Canada, puts us on track to achieve a 5 percent increase in production for 2003." East Texas Anadarko has made a significant natural gas discovery in its Bossier play with the Gregory A-1 well in Anderson County Anderson County is the name of five counties in the United States:
"We will be drilling three stepout confirmation wells to this discovery soon and expect development drilling will continue for some time," Seitz said. "As additional wells are drilled and we get more production data, we will develop a better assessment of the size of this new discovery. Available data suggest this field could open a new trend as significant and prolific as the Dew-Mimms area in Freestone free·stone n. 1. A stone, such as limestone, that is soft enough to be cut easily without shattering or splitting. 2. A fruit, especially a peach, that has a stone that does not adhere to the pulp. See Regional Note at andiron. County." To date, Dew-Mimms has estimated recoverable gas reserves of more than 1 trillion cubic feet (Tcf) and is currently producing 136 MMcf/d (gross) from 277 wells. The Bossier play is about 130 miles north of Houston. Throughout the main Bossier trend in East Texas, the company has six rigs drilling and holds 291,000 net acres. Total production volumes from the Bossier play in Texas have averaged around 275 MMcf/d (gross) in 2002. North Louisiana West of the Vernon field Vernon Field is a fictional character in the Batman maxi-series . History Vernon appears to be meek and unassuming. In reality, however, he is cunning and extremely corrupt, a tool of Gotham City's gangsters. in North Louisiana, Anadarko has drilled and completed a new natural gas discovery at its Ansley prospect. The Davis Brothers 11-1 well, drilled in Jackson Parish, logged 111 feet of pay in multiple sands and initially flowed to sales at 8 MMcf/d in January. It was drilled to a total depth of 16,000 feet. A follow-up well two miles to the west, the Barnett 9-1, recently logged 107 feet of apparent pay in multiple Lower Cotton Valley (Bossier) sands. This second well is currently being completed. Anadarko holds a 52.3 percent interest in the Davis Brothers 11-1 well (Ocean Energy, Inc. holds 44.6 percent; Devon Energy Corp. holds 3.1 percent). Anadarko holds a 100 percent interest in the Barnett 9-1 well. The company has nearly 100 percent interest in the overall Ansley prospective area, with exploration rights on 26,000 net acres. Anadarko is drilling three additional wells in the Ansley area and plans continued drilling to develop this new area. "Based on the well results, we expect to have an ongoing and active development drilling program around Ansley in North Louisiana. While it's premature to estimate field reserves, the available data suggest this area could be a significant discovery similar in size and potential to the Vernon field," Seitz said. The Vernon field, about 80 miles east of Shreveport, La., has estimated recoverable reserves of 1 Tcf and is currently producing 92 MMcf/d from 69 wells. The company holds 116,000 net acres in North Louisiana. Anadarko Petroleum Corporation is one of the largest independent exploration and production companies in the world. The company reported average daily production of 553,000 barrels of oil equivalent in the first quarter of 2002. U.S. operations are in Texas, Louisiana, the Mid-Continent and Western states, Alaska and the Gulf of Mexico. Internationally, Anadarko has significant production in Canada, Algeria, Venezuela and Qatar, and it is exploring in several other countries. More information about the company, including recent investor presentations, is available at www.anadarko.com. This news release contains forward-looking statements 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. 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 (MD&A) 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 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.061702/bb5 Photos are available at URL: http://www.businesswire.com/cgi-bin/photo.cgi?pw.061702/bb5a and http://www.businesswire.com/cgi-bin/photo.cgi?pw.061702/bb5b |
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