Cheniere Energy Sells Production.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 23, 2002 Cheniere Energy Inc. (AMEX AMEX See: American Stock Exchange :CXY) announced today that it sold its oil and gas reserves at West Cameron Block 49 for $2,350,000. Walter Williams, vice chairman of Cheniere, said, "We completed two discoveries at WC 49 in 1999 and have enjoyed excellent cash flow from these two wells. While reserves remain in the existing wells, at this point the production from the currently producing zones has declined such that recompletions into other zones will soon be necessary. We felt that with the upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside for new reserves limited, it would be wise to sell now and focus our efforts and resources on finding new reserves through exploration." Cheniere Energy is a Houston-based energy company. It owns 13% of Gryphon Exploration Company, with Warburg, Pincus Equity Partners L.P. owning the other 87%. Cheniere conducts exploration in 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 using a regional database of 7,000 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of 3D seismic coverage. It also owns options on three sites along the Texas Gulf Coast for the development of LNG LNG (liquefied natural gas): see under natural gas. receiving terminals. Additional information on the company may be found on its Web site at www.cheniere.com, by contacting the company's investor and media relations department toll-free at 888/948-2036 or by writing to: cxy@mdcgroup.com. Except for the historical statements contained herein, this news release presents 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. that involve risks and uncertainties. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the company's business are set forth in the company's periodic reports that are filed with and available from the Securities and Exchange Commission. |
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