Cheniere Energy Inc. announces termination of proposed acquisition of offshore California reserves.HOUSTON--(BUSINESS WIRE)--May 21, 1997--Cheniere Energy Inc. ("Cheniere") announced today that its wholly owned subsidiary, Cheniere Energy California Inc., will not consummate the acquisition of an interest in the Bonito bonito: see mackerel. Unit of the Pacific Outer Continental Shelf continental shelf: see ocean. (OCS) off Santa Barbara County, California. Cheniere had previously announced the execution of a purchase and sale agreement with Poseidon Poseidon (pōsī`dən), in Greek religion and mythology, god of the sea, protector of all waters. After the fall of the Titans, Poseidon was allotted the sea. He was worshiped especially in connection with navigation; but as the god of fresh waters he also was worshiped as a fertility god. Petroleum LLC ("Poseidon") to acquire Poseidon's working interest in the Bonito Unit. In commenting on the termination of the purchase and sale Purchase and sale A method of securities distribution in which a firm purchases securities from the issuer for its own account at a stated price and then resells them, as contrasted with a best-efforts sale. agreement, William D. Forster, president and chief executive officer of Cheniere, said, "At this juncture junc·ture (j ngk ch r)n. , it is in the best interest of Cheniere to concentrate its resources on the company's ongoing proprietary 3-D seismic exploration program covering over 230 square miles along the coastal transition zone of southwestern Louisiana." The point, line, or surface of union of two parts. Houston-based Cheniere Energy Inc. is an independent oil and gas company that focuses on early-stage oil and gas projects characterized by high reserve potential in which the company can obtain a large working interest. The company's first project is a 3-D seismic exploration program being conducted in the Louisiana Transition Zone in the West Cameron Area. CONTACT: Cheniere Energy Inc., Houston Keith F. Carney, 713/659-1361 |
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