Bellwether Exploration Acquires Oil and Gas Properties in Southeastern New Mexico; Acquisition Establishes New Core Area.HOUSTON--(BUSINESS WIRE)--Nov. 17, 1999-- Bellwether Bellwether A leading indicator of trends. Notes: A bellwether stock is a stock that is used to gauge the performance of the market in general. General Motors was an example of a bellwether stock, hence the saying "What's good for GM is good for America. Exploration Company (Nasdaq:BELW) today announced a $7.25 million acquisition from Manix Energy, L.L.C. for interests in 5 operated wells and 229 non-operated wells with net-proved reserves of 1.4 MMBoe located in southeastern New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . The purchase was financed from the Company's bank credit facility. Current net daily production from the wells is 1.1 million cubic feet of gas equivalent per day from working interests ranging up to 100%. At present, one well is drilling and three are awaiting rigs with operations expected to commence in mid-December. The properties include 22 additionally identified proven undeveloped locations and another 20 potential drilling locations. The Company will operate a majority of the wells and intends to commence its development program in January of 2000. In addition, the Company acquired 790,000 gross and 286,000 net acres of fee minerals; and 76,000 gross, 15,000 net acres of leasehold. The primary proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. and exploration acreage is located in Eddy, Lea, Chaves and Roosevelt counties. The acquisition also includes a preferential right to purchase a substantial portion of acreage and assets in the state of New Mexico, including the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. . "This acquisition creates a new core area for the Company in a historically active exploration and development region. Bellwether will be exposed to a multitude of low cost, low-risk development wells and exploration opportunities and our fee mineral acreage affords us the opportunity to participate in offset drilling activities or to take royalty interests," said Mr. J. P. Bryan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bellwether. Bellwether Exploration Company is an independent oil and gas exploration and production company headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . Bellwether focuses on acquiring and developing oil and gas properties located in West Texas, southeastern New Mexico, the Texas/Louisiana Gulf Coast and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . |
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