CONTOUR Announces Successful Completion of the Roberts No.1.HOUSTON--(BUSINESS WIRE)--August 26, 1999-- CONTOUR ENERGY CO. (Nasdaq SmallCap: CONCC) ("Contour" or the "Company") announced today the successful completion of the Contour-operated Roberts No.1 well, located in the Sibley Field in Webster Parish, Louisiana Webster Parish is a parish located in the U.S. state of Louisiana. The seat of the parish is Minden. In 2000, its population was 41,831. The parish is named for 19th-century American statesman Daniel Webster. (Contour's working interest 49%). As previously discussed in the August 20, 1999 news release, the Roberts No. 1 well encountered approximately 200 net feet of indicated pay in multiple Hosston sands ranging from 7,320 to 8,720 feet. After fracture stimulation, the well initially flowed at a rate of 10.5 million cubic feet per day and is currently stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. at a rate of approximately 8 million cubic feet per day on an open choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. to sales. Flow from the lower 38 net feet is currently restricted due to mechanical problems. Contour Energy Co. is engaged in the development, exploration, acquisition and production of oil and natural gas. Natural gas represents about 85% of the Company's equivalent production and 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. . Contour Energy Co. common stock and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. are traded on the NASDAQ SmallCap Market under the symbols CONCC and CONPC. Cautionary Statement as to Forward-Looking Information Statements made herein (as well as information included in oral or other written statements made or to be made by the Company or its representatives) that are forward-looking in nature are intended to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters such as anticipated operating and financial performance, business prospects, future reserves, cash flow and value, developments and results of the Company. Actual performance, prospects, reserves, cash flow and value, developments and results may differ materially from any or all anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including rates of inflation, natural gas prices, uncertainty of reserve estimates, rates and timing of future production of oil and gas, exploratory and development activities, acquisition risks, changes in the level and timing of future costs and expenses related to drilling and operating activities and those risk factors described on pages 13, 14 and 15 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1998. Words such as "anticipated", "expect", "estimate", "project" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include the risk factors described in the Company's Form 10-K mentioned above. |
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