Canadian Occidental Petroleum Ltd.'s Wholly Owned Subsidiary CXY Energy Offshore Inc. Announces Eugene Island Offshore Discovery.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 1, 1996--CXY Energy Offshore Inc. (CXY), of Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Canadian Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Ltd. announces the discovery of natural gas at Eugene Island 135 offshore Louisiana. The OSC-G-14467 Well No. 1 located in 70 feet of water, was drilled to a depth of 18,300 feet and encountered two zones totaling approximately 200 feet of gross interval. One zone was tested at a rate of 16.5 million cubic feet per day of gas and 650 barrels of condensate on a 20/64 inch choke at a flowing tubing pressure of 9050 pounds per square inch Noun 1. pounds per square inch - a unit of pressure psi pressure unit - a unit measuring force per unit area . Plans for additional development of this discovery in 1997 are currently being evaluated. CXY has a 15% working interest. Enron Oil & Gas is the operator with 50% working interest, and other partners include Seagull seagull a noisy, gregarious bird that frequents the seashore. Web-footed, hook-billed, white with gray wings. Member of the family Laridae and of the genus Larus. Energy Corporation (20%) and Box Energy Corporation (15%). CXY plans to continue its focus on the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , offshore Louisiana and Texas. Over the past two years, CXY has acquired 132,000 net acres on 34 offshore Gulf of Mexico blocks, increasing its total undeveloped leasehold acreage position in the Gulf of Mexico to 202,000 net acres. CXY also has a substantial seismic database in the Gulf of Mexico, including over 75,000 miles of two- dimensional seismic data and 6500 square miles of three-dimensional seismic data, which it is using to target additional exploration and acquisition opportunities. CONTACT: John McWilliams Senior Vice President, General Counsel and Secretary 403/234-6729 |
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