BR HIGH BIDDER ON 31 LEASE BLOCKS IN THE GULF OF MEXICO.HOUSTON--(BUSINESS WIRE)--Aug. 27, 1998--Burlington Resources Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced that it was the apparent high bidder on 31 deep water blocks in the 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 offered in the Department of Interior's OCS OCS - Object Compatibility Standard Lease Sale 171, held on August 26 in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded . Bidding alone and with various partners on a total of 35 deep water blocks, BR exposed a total of $37 million from which apparent high bids totaled $19.5 million. This ranks the Company as the fourth most successful bidder at the lease sale. BR's apparent high bids include thirteen blocks bid solely by the Company and eighteen blocks bid with partners. BR's apparent high bid blocks are situated in water depths ranging from 2,500 feet in the East Breaks area, to more than 6,900 feet in the Keathley Canyon canyon Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon. area. Prior to this sale, BR's deep water position included 158 blocks and nearly 400,000 net acres of undeveloped leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. . Successful award of the leases for which BR was the apparent high bidder would add more than 115,000 net acres to the Company's existing deep water holdings. These successful additions to BR's deep water portfolio reflect the Company's continued commitment to value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. growth through exploration in one of the domestic oil and gas industry's most active and promising geologic provinces A geologic or geomorphic province is a spatial entity with common geologic/geomorphic attributes. A province may include a single dominant structural element such as a basin or a fold belt, or a number of contiguous related elements. . A summary of BR's apparent high bids follows: -0- Area and Block Number BR Interest (Percent) East Breaks 364 100.0 East Breaks 365 100.0 East Breaks 800 100.0 East Breaks 847 50.0 East Breaks 848 50.0 East Breaks 892 50.0 Alaminos Canyon 447 100.0 Alaminos Canyon 448 100.0 Alaminos Canyon 450 50.0 Alaminos Canyon 492 33.3 Alaminos Canyon 498 33.3 Alaminos Canyon 535 100.0 Alaminos Canyon 536 100.0 Alaminos Canyon 542 33.3 Alaminos Canyon 543 33.3 Alaminos Canyon 581 33.3 Alaminos Canyon 582 33.3 Alaminos Canyon 583 33.3 Alaminos Canyon 584 50.0 Alaminos Canyon 625 33.3 Alaminos Canyon 626 33.3 Alaminos Canyon 627 33.3 Alaminos Canyon 669 33.3 Alaminos Canyon 670 33.3 Keathley Canyon 96 50.0 Keathley Canyon 231 100.0 Keathley Canyon 232 100.0 Keathley Canyon 785 100.0 Keathley Canyon 786 100.0 Keathley Canyon 823 100.0 Keathley Canyon 824 100.0 -0- 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . 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.
CONTACT: Burlington Resources Inc., Houston
John Carrara, 713/624-9548
Clay Jeansonne, 713/624-9354
Jeff Monte, 713/624-9384
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