Belco Oil & Gas Corp. Announces 2000 Acquisition Activity.Business Editors NEW YORK--(BUSINESS WIRE)--April 17, 2000 Belco Oil & Gas Corp. (NYSE NYSE See: New York Stock Exchange :BOG bog, very old lake without inlet or outlet that becomes acid and is gradually overgrown with a characteristic vegetation (see swamp). Peat moss, or sphagnum, grows around the edge of the open water of a bog (peat is obtained from old bogs) and out on the surface. ) today announced that, so far in 2000, it has purchased oil and gas properties in the aggregate amount of $65.8 million from undisclosed sellers. The primary assets acquired are oil properties located in the Lodgepole Field, North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). and gas properties located in the Elm Grove Elm Grove may refer to:
 ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. .
The acquisitions, in the aggregate, add approximately 4.8 million barrels of oil and 52.5 billion cubic feet of gas reserves to Belco's proved reserve base. Current net production from the properties is approximately 2,350 barrels of oil and 6,200 Mcf of gas per day, or 20,300 Mcfe per day. All of the acquisitions were paid for with cash utilizing Belco's existing credit facility. Chairman and Chief Executive Officer Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. A. Belfer commented, "We are very excited about adding these high quality oil and gas reserves, which more than replace expected production for the current year. On a combined basis, the lifting cost on the acquired current net production is approximately $.08 per Mcfe. The transactions also provide Belco with a large inventory of proven drilling locations which should generate significant additional gas production under an already active drilling program." Belco Oil & Gas Corp. is an independent energy company engaged in the exploration, development, acquisition and production of natural gas and oil. This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although BOG believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, environmental risks, drilling and operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. , risks related to exploration and development, uncertainties about the estimates of reserves, competition, government regulation and the ability of the Company to meet its stated business goals. |
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