EEX Completes Sale of Indonesian Assets.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 29, 2002 EEX EEX European Energy Exchange EEX Enter Exponent Corporation (NYSE NYSE See: New York Stock Exchange :EEX) closed its previously announced sale of Indonesian assets to PT Medco Energi Internasional. EEX sold all of the shares of a subsidiary that owns a 25% interest in the Tuban Tuban is a small town and regency in East Java, Indonesia. It is located on the north coast of Java, about 110 km east of Surabaya, and borders Lamongan and Bojonegoro regencies, and to the west, Rembang, Central Java. Concession, onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Java. The sale of another subsidiary that owns a 15% interest in the Asahan Concession, offshore Sumatra, is expected to close at a later date. EEX received approximately $26.3 million in cash at closing, representing the agreed purchase price of $34.0 million less the net cash flows received by EEX after Sept. 30, 2001. The proceeds of the expected sale of the second subsidiary will be less than $1.0 million. EEX Corporation is an oil and natural gas exploration and production company with activities currently focused in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and 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 MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . This report includes 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EEX believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Results of the current periods may not be indicative of future results. Important factors that could cause actual results to differ materially from those reported and in forward-looking statements include the timing and extent of changes in commodity prices, the ability to sell or lease the Cooper Infrastructure, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, the extent of our reserve potential, the ability to negotiate a new credit agreement, liquidity and the ability to fund capital programs, conditions of the capital and equity markets, federal and state regulatory developments, and political developments in foreign countries. EEX's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements. For additional information, call 888/EEX-NEWS, or visit our Web site at http://www.eex.com |
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