Crystal Oil makes announcement.SHREVEPORT, La.--(BUSINESS WIRE)--May 8, 1997--Crystal Oil Co. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : COR) today announced that it has entered into an agreement to acquire various proved producing and undeveloped reserves in the Bethany-Longstreet and Holly Fields in DeSoto Parish, La. for a total cash purchase price of $12,000,000. The properties, which are located in North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. had at March 1, 1997, estimated net 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. in excess of 28 billion cubic feet of gas and 38,000 barrels of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. . Crystal currently contemplates drilling approximately 20 wells in the fields over the next three years, beginning later this year, to supplement the existing 16 producing wells. Crystal does not currently contemplate any substantial increase in the number of its employees and will consolidate the acquired operations with its current exploration and production activities in Louisiana, Mississippi and Texas. Crystal currently anticipates funding the acquisition and the future capital expenditures relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition through a combination of a forward sale of production and the establishment of various hedge positions. Crystal may, however, utilize a portion of its existing cash for the acquisition. The acquisition of the properties, which has an effective date of March 1, 1997, is subject to various conditions, including completion of title and environmental reviews. Crystal currently anticipates a closing of the transaction by the end of May. This press release contains forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 concerning the proposed acquisition and the anticipated production therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. and financing thereof. Although Crystal currently anticipates the closing of the transaction and the realization of the production from the properties to be acquired, there can be no assurance that the transaction will close or that the anticipated production from the field will be realized. The benefits from the acquisition will also be subject to changes in the prevailing prices of natural gas, the ability of Crystal to protect the financing currently contemplated to be effected by it and its ability to develop the properties to be acquired. CONTACT: Crystal Oil Co., Shreveport Jeff Ballew, 318/222-7791 |
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