BURLINGTON RESOURCES ANNOUNCES ACQUISITION OF OFFSHORE PROPERTIES FOR $77 MILLION.HOUSTON--(BUSINESS WIRE)--June 6, 1996--Burlington Resources Inc. (NYSE-BR) announced that it has recently acquired all of the properties of Gulfstream Resources, Inc., a privately owned independent exploration and production company. Gulfstream's principal assets are interests in three oil and gas properties: Eugene Island Eugene Island is a submerged mountain 70-85 miles off the Louisiana coast in the Gulf of Mexico. The nearby oil field Eugene Island 330 is best known for its unusual depletion profile. According to the article "Sustainable Oil?" by Chris Bennett WorldNetDaily. Block 89, Eugene Island Block 205, and West Cameron Block 2, located offshore Louisiana 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 . The purchase price for the properties is $77 million. Current net production rates for the properties are 29 million cubic feet of natural gas and 1,300 barrels of oil per day. The key asset of the acquisition, Eugene Island 205, is an under-exploited, operated property overlying overlying suffocation of piglets by the sow. The piglets may be weak from illness or malnutrition, the sow may be clumsy or ill, the pen may be inadequate in size or poorly designed so that piglets cannot escape. a large salt dome salt dome Largely subsurface geologic structure that consists of a vertical cylinder of salt embedded in horizontal or inclined strata. In the broadest sense, the term includes both the core of salt and the strata that surround and are “domed” by the core. structure consisting of multiple hydrocarbon bearing reservoirs. A recently acquired 3-D seismic survey covering this 100% working interest property has identified significant reserve and production upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside similar to Eugene Island Block 89 where application of 3-D seismic and subsequent development led to a gross production increase from 2 million to 100 million cubic feet of natural gas equivalents per day. The acquisition represents a continuation of BR's expansion into a strategic area which has access to premium natural gas markets and will generate strong cash flow. The purchased reserves have a 5 to 7 year reserve life index which complements the longer reserve life index of BR's existing asset base. CONTACT: 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. , Houston James Leahy, 713/624-9364 |
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