Announces $15 Million Stock Repurchase Program.Business Editors DALLAS--(BUSINESS WIRE)--Oct. 24, 2000 Prize Energy Corp. (AMEX AMEX See: American Stock Exchange :PRZ PRZ Power Rangers Zeo PRZ Philip R. Zimmermann (developer of PGP) PRZ Program Reference Zero (CAM machining) ) ("Prize") today announced that it has initiated a $15 million stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Prize expects to repurchase shares in the open market from time to time. Lon C. Kile, President and COO, stated, "Given the current oil and gas price environment, the purchase of the Company's common stock at these price levels represents an attractive investment and excellent opportunity to enhance the value of the Company relative to the per share oil and gas reserve value." Prize Energy Corp. is a public mid-size oil and gas independent, headquartered in the Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. area. The company's oil and gas operations are concentrated in the Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. of West Texas and Southeastern New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , onshore Gulf Coast area of Texas and Louisiana, and the Mid-Continent area of Western Oklahoma and Texas Panhandle. The company's growth strategy is focused on adding value on a per share basis through the acquisition and exploitation of producing oil and gas properties in its core operating areas. This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning the companies' plans, expectations and objectives for future operations. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. |
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