Flores & Rucks, Inc. Replaces 346% of 1996 Production.BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.--(BUSINESS WIRE)--Feb. 26, 1997--Flores &
Rucks, Inc. ("FNR FNR False Negative RateFnR Find and Replace FNR Ford Nuclear Reactor FNR Future Net Revenue FNR For No Reason FNR Flexible Numbering Register FNR Fixed Network Reconfiguration FNR Frequency Normalization Response ") announced today that total additions to estimated 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 1996 represent 346% of 1996 production. Additions to estimated proved reserves in 1996, excluding net acquisitions, represent 198% of 1996 production. As of December December: see month. 31, 1996, FNR's estimated proved reserves increased 55% from prior year end to 75.0 million barrels of oil equivalent (68% oil, 32% gas), with an estimated present value of future net revenues of $693.5 million. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. C. Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Our excellent 1996 reserve replacement ratio attests to our ability to replace production with the drill bit and is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of our ongoing strategy to transition our company to one with a balanced exploration and development program. Our five successful exploratory wells drilled in the fourth quarter of 1996 provide momentum into our 1997 program, where we look forward to the opportunity to continue to increase production and our reserve base through drilling potentially high impact projects." Production for 1996 averaged 28.1 thousand barrels of oil equivalent per day ("MBOEPD MBOEPD Thousand Barrels of Oil Equivalents Per Day ") net to the Company, a 26% increase as compared to 22.3 MBOEPD in the prior year. During the fourth quarter of 1996, FNR averaged oil and gas production of 37 MBOEPD net to the Company. Presently, the Company has 8 rigs operating 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 , 4 of which are performing drilling operations and 4 which are performing completion/recompletion operations. With increased drilling activity scheduled for the 2nd and 3rd quarters of 1997, the Company's contract rig fleet will be increased to 12 rigs. Following is an update of fourth quarter 1996 highlights and planned first and second quarter 1997 drilling activity: -0-
Prospect / Well Field WI% / NRI% Comments
Low Five 1 South Pass 24 100 / 87 Exploratory well, new
fault block discovery,
logged 272 net feet of
pay, initial test of 3,952
BOEPD
Bluefin South Pass 24 100 / 87 Exploratory well, new
fault block discovery,
logged 75 net feet of
pay, initial test of
2,467 BOEPD
Vision 1 Main Pass 138 100 / 83 Exploratory well, logged
124 net feet of pay,
waiting on completion,
expected to begin
production in the
3rd quarter of 1997
Vision 2 Main Pass 138 100 / 83 Exploratory well, logged 43
net feet of pay, waiting
on completion, expected
to begin production in
the 3rd quarter of 1997
Crimson Tide 1 Ship Shoal 64 100 / 69 Exploratory well, logged
106 net feet of pay,
waiting on completion,
expected to begin
production in the
3rd quarter of 1997
Crimson Tide 2 Ship Shoal 64 100 / 69 Exploratory well,
currently evaluating,
temporarily abandoned
Ozarks Vermilion 215 100 / 83 Development well, logged
123 net feet of pay,
initial test of 1,484
BOEPD
Hayden South Pass 24 100 / 83 Exploratory well, logged
22 net feet of pay,
initial test of 89 BOEPD
MP140 B15ST Main Pass 140 35 / 29 Horizontal development well,
logged 238 net horizontal
feet of pay, initial test
of 2,651 BOEPD
Thunder 3 South Pass 27 100 / 87 Develocat well, logged 116
net feet of pay, initial
test of 1,440 BOEPD
LPG South Pass 27 100 / 87 Develocat well, logged 142
net feet of pay, waiting
on completion
MP140 B19 Main Pass 140 35 / 29 Horizontal development well,
logged 670 net horizontal
feet of pay, currently
completing
Cypress 4 South Pass 24 100 / 87 Development well, logged 57
net feet of pay, currently
completing
MP140 B18 Main Pass 140 35 / 29 Development well, logged 159
net feet of pay, waiting
on completion
Wells Currently Drilling
Prospect/Well Field WI%/NRI% Comments
Andes Vermilion 215 100 / 83 Exploratory well
Bulldog Ship Shoal 47 100 / 69 Exploratory well
Leopard South Pass 24 100 / 87 Develocat well
Scramble Eugene Island 105 100 / 83 Development well
1997 First and Second Quarter Highlighted Wells
Big Bend South Pass 24 100 / 87 Exploratory well
Daybreak Main Pass 74 50 / 38 Exploratory well
Excalibur Main Pass 140 35 / 29 Exploratory well
Grand Mallard Mallard Bay 50 / 38 Exploratory well
Hercules Laccasine 100 / 73 Exploratory well
Highside Grand Isle 68 50 / 42 Exploratory well
Mainstay Breton Sound 36 100 / 75 Exploratory well
Midnight 2 South Pass 41 50 / 44 Exploratory well
Sage South Pass 27 100 / 87 Exploratory well
Stiletto Main Pass 140 35 / 29 Exploratory well
Upseis South Pass 24 100 / 87 Exploratory well
Ural Vermilion 215 100 / 83 Exploratory well
Vision 3 Main Pass 138 100 / 83 Exploratory well
Whale South Pass 24 100 / 84 Exploratory well
Blue Ridge Vermilion 215 100 / 83 Develocat well
Dogleg Eugene Island 100 100 / 83 Develocat well
Fairway Eugene Island 126 63 / 55 Develocat well
Low Five 2 South Pass 24 100 / 87 Develocat well
Scrape South Pass 24 100 / 87 Develocat well
Sweet Spot Eugene Island 126 63 / 55 Develocat well
Tap-in Eugene Island 126 63 / 55 Develocat well
Big Kahuna 3 South Pass 24 100 / 87 Development well
MP 140 B20 Main Pass 140 35 / 29 Development/Horizontal well
Certain statements in this news release regarding future expectations, plans for acquisitions, dispositions, and oil and gas exploration, development, production and pricing may be regarded as "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. They are subject to various risks, such as operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , drilling risks, and the inherent uncertainties in interpreting in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1995. Actual results may vary materially. Flores & Rucks, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at (504) 928-6222 or mail requests to 8440 Jefferson Highway
The Jefferson Highway , Suite 420, Baton Rouge, LA 70809. Additional information on FNR is located in the "Corporate News on the Net" section of Business Wire's home page (http:/www.businesswire.com). CONTACT: Flores & Rucks Inc., Baton Rouge Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. O. Aldridge For other uses of the term Aldridge, see . Aldridge is a town in the Metropolitan Borough of Walsall in the West Midlands, UK, although historically it was part of the county of Staffordshire until 1974. The recorded population in the 2001 Census was 16,862. , 504/927-1450 |
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