BR ANNOUNCES STATE OF NEW MEXICO APPROVAL OF NEW SAN JUAN BASIN DRILLING RULES.HOUSTON--(BUSINESS WIRE)--March 3, 1999--Burlington Resources Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced that the 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). Oil Conservation Division has approved the Company's plans for 80-acre infill drilling of the Mesaverde Formation in the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. of New Mexico. The Mesaverde Formation was originally developed in the 1950's on 320-acre spacing, with infill drilling initiated in the early 1970's on 160-acre spacing. In 1994, BR undertook an extensive study of the Mesaverde Formation. Results indicated that down-spaced drilling (infill drilling) on 80-acre spacing could significantly increase recoverable gas reserves in this massive reservoir. A pilot program began in 1997 and was expanded in 1998 to include two additional areas. To date, BR has drilled 38 Mesaverde 80-acre infill wells and plans to drill 50 additional wells in 1999. Bobby Shackouls, Chairman, 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. of Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. commented, "The San Juan Basin has long been the cornerstone of BR. This new program will benefit the Company and the State of New Mexico by providing the opportunity for more efficient drainage from this world-class hydrocarbon basin." 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. This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
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