Flores & Rucks announces Central Gulf acquisition completed.BATON ROUGE, La.--(BUSINESS WIRE)--Sept. 27, 1996--Flores & Rucks, Inc. ("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 it has successfully completed its previously announced acquisition from Mobil Oil Exploration & Producing Southeast Inc. of interests in eleven (11) producing fields located primarily in the central 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 in federal waters offshore Louisiana for a gross purchase price of $118.8 million. The acquisition includes working interests in approximately 125 producing wells located on 87,500 gross acres. Current production from the interests acquired is approximately 7,500 barrels of oil equivalent per day net to the Company. 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, "This acquisition represents an important step towards the continued growth of shareholder value as it establishes our geographical presence in a new core area in the central Gulf of Mexico and exposes the Company to significant exploration and development upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar analogous to our existing Mississippi River delta For other uses, see Mississippi Delta (disambiguation) The Mississippi River Delta is the modern area of land (the river delta) built up by alluvium deposited by the Mississippi River as it slows down and enters the Gulf of Mexico. area properties. Armed with new 3-D seismic data, we look forward to the opportunity to increase production on the acquired properties through presently budgeted development and exploratory expenditures." The number of fields acquired is reduced from the previously announced thirteen (13) fields due to exercise by holders of preferential purchase rights. In addition, preferential purchase rights remain outstanding through October 16, 1996, on interests in two (2) fields, which if exercised in total, could further reduce the gross purchase price by $4 million. Certain statements in this news release regarding future expectations, plans for acquisitions and oil and gas exploration and development 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 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 James C. Flores or Robert L. Belk, 504/927-1450 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion