Basic Petroleum Resumes Production in Xan Field.NEW YORK--(BUSINESS WIRE)--May 14, 1996--Basic Petroleum International Limited announced today that it has resumed production of its nine wells in the Xan field, located in the Peten area of northwest Guatemala. Basic indicated that the previously announced road blockage instituted by residents of the Peten area has been terminated pursuant to an agreement with the Guatemalan government and that Basic's trucks would resume their normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of immediately. This agreement provides that Basic will pave and maintain local roadways but that the costs incurred by Basic in providing this service would be recouped through an offset against the Guatemalan government's participation in Basic's oil revenues. Basic also noted that the disruption caused a decrease in production of approximately 250,000 barrels of crude oil, as well as a minor delay in the construction of the La Libertad La Libertad can refer to:
Basic Petroleum International Limited is an oil exploration, development and refining company. The Company's operations are in Guatemala, with executive offices in Paris and an investor relations Investor relations The process by which the corporation communicates with its investors. office in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Company's shares trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol BPILF. CONTACT: Stuart M. Carlisle (212) 614-4000 or Monica R. Bonner (212) 832-0474 |
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