Coastal Field Services and Snyder Oil corrects gas well production; 165 million cubic feet (sted 165,000).HOUSTON--(BUSINESS WIRE)--Dec. 4, 1996--The Coastal Corporation's subsidiary Coastal Field Services Company and Snyder Oil Corporation of Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , announced today the formation of a joint venture involving the two companies' unregulated natural gas assets. The joint-venture entity will be a limited liability company called Great Divide Gas Services. "This is a strategic alliance that brings together complementary assets to form an even stronger and more competitive presence in the Rockies," said Steven W. Zuckweiler, president and chief executive officer of Coastal Field Services Company. "Alliances like this are important to the shareholders of both companies and natural gas consumers alike." Great Divide will oversee the operation and expansion of non- jurisdictional gas pipelines and the development of new facilities within six areas of mutual interest to Coastal Field Services and Snyder Oil. Coastal Field Services will own 73 percent of Great Divide, and Snyder Oil will own 27 percent. Coastal Field Services' assets include gathering facilities in the Uinta, Washakie, and Wind River Basins. Snyder Oil's assets include unregulated pipeline facilities and undeveloped leaseholds in the Washakie, Piceance, Uinta, Green River, Wind River, and Big Horn Big Horn is a tall peak in the Cascade Range in Washington, USA. At 2438+ meters (8,000 feet) in elevation, it is the highest point in Lewis County, Washington.[1] Big Horn, one of the Goat Rocks, is the second highest point on the ridge west of Mt. Basins. Altogether, Snyder Oil has one of the largest undeveloped leaseholds in the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. . Snyder Oil and Coastal Field Services have combined assets of more an 600 miles of field pipelines, connecting 650 natural gas wells producing approximately 165 million cubic feet of gas per day. The Coastal Corporation (NYSE NYSE See: New York Stock Exchange : CGP CGP CommuniGate Pro (messaging e-mail server) CGP Certified Group Psychotherapist CGP Controlled Goods Program (Canadian) CGP Certified Geriatric Pharmacist (pharmacist certification) ) has consolidated assets of more than $10 billion and subsidiary operations in natural gas marketing, transmission, storage, gathering and processing; petroleum refining and marketing; oil and gas exploration and production; chemicals; power production; and coal. Management of the new company will be the responsibility of a management committee consisting of representatives from Coastal Field Services and Snyder Oil. The committee will appoint a director to oversee day-to-day operations. Ownership of facilities constructed in the future by Great Divide will be based on each party's ownership interest in the joint-venture company. The joint venture will be in operation effective Jan. 1, 1997. In addition, Coastal Gas Marketing Company (CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ) and Snyder Oil have entered into a gas purchase agreement and a marketing service agreement to pool Snyder and CGM's gas supplies in the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. . The initial supply pool will exceed 100 million cubic feet per day and is expected to grow quickly as CGM and Snyder increase their respective volume contributions. This marketing pool is expected to become one of the largest aggregations of natural gas in the Rocky Mountain region. "Great Divide has the potential to become a leading developer of Rocky Mountain gas facilities while, of equal importance, this combination of gas volumes and facilities provides increased marketing opportunity," said John C. Snyder, chairman of Snyder Oil Corporation. "Snyder Oil is excited about the potential to have other producers join us in these arrangements, and we are convinced that the added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Snyder Oil Corporation (NYSE:SNY n. 1. An upward bend in a piece of timber; the sheer of a vessel. ) is engaged in the production, development, acquisition and exploration of domestic oil and gas properties. Snyder Oil is also engaged in international exploration, production and development, directly as well as through affiliates and maintains corporate offices in Fort Worth, Texas, Denver and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Coastal Field Services Company and Coastal Gas Marketing Company are subsidiaries of The Coastal Corporation, a Houston-based energy holding company. Coastal Gas Marketing Company recently announced the formation of a new join venture with Westcoast Gas Services, Inc., to market natural gas and electricity throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . CONTACT: The Coastal Corporation Steve Eames, 713/877-6733 or Snyder Oil Corporation Richard A. Wollin, 817/882-5935 |
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