Flores & Rucks Inc. announces record well production rate on Ozarks project and early exploration success.BATON ROUGE, La.--(BUSINESS WIRE)--March 17, 1997--Flores & Rucks Inc. (NYSE NYSE See: New York Stock Exchange : FNR FNR False Negative Rate FnR 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 its Ozarks well located in Vermilion vermilion, vivid red pigment of durable quality. It is a chemical compound of mercury and sulfur and is known as red sulfide of mercury; it was formerly obtained by grinding pure cinnabar but is now commonly prepared synthetically. Block 215 is currently producing approximately 6,850 BOEPD BOEPD Barrels of Oil Equivalent Per Day with 2,100 pounds of flowing tubing pressure through a 56/64ths choke. This represents the highest production rate for a single well in the Company's history and is a substantial increase from the previously announced initial test rate of 1,484 BOEPD. The Company owns a 100% working interest in the well. The Company's Bulldog exploratory well located in Ship Shoal Block 47 has logged 75 net feet of hydrocarbon bearing pay to date. The Company is preparing to set pipe and drill 1000 feet deeper to test additional objectives. This well represents an additional discovery in the Ship Shoal area which will be jointly developed with the Company's previously announced Crimson Tide discovery located in Block 64 two miles to the south. The Company owns a 100% working interest in the Bulldog well and is planning additional exploratory and development drilling in the Ship Shoal area. The Company's Leopard well, located in South Pass Block 24 at East Bay, has logged 45 net feet of hydrocarbon bearing pay and is currently undergoing dual completion operations. FNR anticipates initial production from the well in the second quarter of 1997. The Company owns a 100% working interest in the well. 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, "The high production level of the Ozarks well combined with early exploration success in the 1997 drilling program represent an excellent start for the year. Buoyed by these early successes, we look forward to drilling all of the remainder of our previously announced 36 exploration wells and performing over 60 development operations during the year." 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, drilling risks, and the inherent uncertainties in interpreting engineering data relating to 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, 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 O. Aldridge, 504/927-1450 |
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