BR Announces Results of Bighorn 6-27 Well Test.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--March 13, 2001 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. Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced that it has completed and tested the fifth Deep Madison formation well, the Bighorn Bighorn, river, United States Bighorn, river, 461 mi (741 km) long, formed in W central Wyo. by the confluence of the Wind and Pop Agie rivers and flowing north to join the Yellowstone River in S Mont. 6-27, at the Madden Field in central Wyoming. Burlington Resources operates the well and holds a 49 percent working interest. The well, which was designed to further test the downdip limits of the field, reached a total depth of 25,855 feet in early January. The recent test results yielded minor quantities of water and gas and the well will not be completed as a producer in the Madison formation. The Company now estimates that previously determined gross reserves of 2.4 trillion cubic feet (TCF See Trenton Computer Festival. ) for the Madison formation in the field may ultimately increase by as much as 300 to 600 billion cubic feet (BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ). Further evaluation of technical data is required before additional reserves can be booked and the final well status can be decisioned. The Company intends to move to a two-rig development-drilling program in the second quarter of 2001. BR currently operates four wells producing from the deep Madison formation, each capable of gross production in excess of 50 million cubic feet of gas per day. Current gross production from the Madison formation of approximately 130 million cubic feet per day is constrained by processing capacity at the Lost Cabin Gas Plant in Lysite, Wyoming. The plant's third train, currently under construction, is scheduled for completion in the third quarter of 2002 and will allow gross production from the deep Madison formation to increase to a total of 310 million cubic feet per day. Bobby S. Shackouls, BR's 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. commented: "The Madden Field is a long reserve-life legacy asset that will continue to provide substantial cash flow for the Company many years into the future. Our technical expertise has allowed us to substantially reduce costs in drilling and production operations related to Madden's deep Madison formation sour gas Sour gas is natural gas or any other gas mixture which contains significant amounts of hydrogen sulfide (H2S). According to this reference [1], natural gas is usually considered sour if there are more than 5. . We will continue to look for ways to enhance the value of our Madden Field gas in the future." Burlington Resources Inc., headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , is one of the largest independent oil and gas companies in the world, with approximately 80 percent of its reserves in the form of natural gas. The Company has operations in the U.S., Canada, the United Kingdom and several other international locations. Additional information on BR is available on the Company's Web site, located at www.br-inc.com. 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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