Boyd Energy Corporation Purchases Additional Acreage in Kentucky Prospect.ARLINGTON, Texas--(BUSINESS WIRE)--April 28, 1999-- Boyd Energy Corporation (the Company) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BECO BECO Boston Edison Company BECO Banana Export Company BECO Bschawrut Enterprises Co. BECO Booster Engine Cut-Off BECO Building Environment Council of Ohio (Columbus, OH) BECO Building Emergency Control Organisation ) is pleased to announce the results of ongoing negotiations on additional acreage in the Prospect 19 in Caldwell County, Ky. The Company has purchased an additional 2,000 acres in the prospect bringing the total acreage to more than 4,200 acres with a 100% working interest in the acreage. "With this additional acreage we have doubled our drilling opportunities in this particular area of the Illinois basin," reported Boyd Branch, President of Boyd Energy Corporation. "Based on the scientific data compiled on this area, we believe there is a real potential for the presence of commercial quantities of natural gas to exist." The data includes a geological report prepared by Harold Davis, geologist for Conoco (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) (http://www.conoco.com). The Company has been told that Conoco, a major, integrated energy company based in Houston and active in 40 countries worldwide has approximately 100,000 acres leased due north of the Boyd's Prospect 19. The total acreage will allow for the development of up to more than 100 wells. According to GRI GRI Graduate, Realtors Institute GRI Global Reporting Initiative GRI Gas Research Institute GRI Gallaudet Research Institute GRI General Rate Increase GRI Geoscience Research Institute (Loma Linda, CA) methods the natural gas reserves in the Devonian Black Shale are estimated to be up to 1 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter (billion cubic feet) per well. Boyd Energy Corp. plans an aggressive developmental program beginning immediately. Preparation for drilling the first well, the Jones No.1, is now in progress with actual drilling to begin within a week. In the event that the well reserves are 1 BCF (billion cubic feet) and produced and sold at an average rate of $2.50 per thousand cubic foot of gas, the revenues per well would equal $2.5 million. The Company makes no warranties or representations that these objectives will be obtained; however, it is possible that they will be surpassed. Boyd Energy Corporation is an independent oil and gas exploration and development company located at 1000 Ballpark Way, Suite 210,Arlington, TX 76011, Tel: 817/469-8118, Fax: 817/460-5215 or visit our Web site at www.boydenergy.com. Forward looking statements in this announcement are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward looking statements involve risks and uncertainty. Including without limitation to the costs of exploring for the uncertainty of developing new oil and gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling and producing of oil and gas reserves, as well as general market conditions, competition and pricing. |
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