BR HIGH BIDDER ON SEVEN LEASE BLOCKS IN THE GULF OF MEXICO.HOUSTON--(BUSINESS WIRE)--March 23, 1999--Burlington Resources Inc. (NYSE NYSE See: New York Stock Exchange :BR) today announced that it was the apparent high bidder on seven 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 172, held on March 17, 1999 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 . BR's apparent high bids which total $4.1 million net to BR include one block bid solely by the Company and six blocks bid with partners. The blocks are situated in water depths ranging from 3,600 feet in the Green Canyon area, to more than 8,600 feet in the Walker Ridge area. Prior to this sale, BR's deep water position included 185 blocks and nearly 513,000 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 would add more than 20,000 net acres to the Company's existing deep water holdings. A summary of BR's apparent high bids follows: Area and Block Number BR Interest (Percent) --------------------- --------------------- Mississippi Canyon 476 100.0 Mississippi Canyon 553 50.0 Mississippi Canyon 597 50.0 Green Canyon 421 50.0 Atwater Valley 292 33.33 Walker Ridge 766 33.33 Walker Ridge 810 33.33 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. |
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