Forcenergy announces acquisition of Stewart Petroleum Co. and related interests in the West McArthur River Field, Cook Inlet, Alaska.MIAMI--(BUSINESS WIRE)--June 5, 1997--Forcenergy Inc (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FGAS FGAS Federation of German American Societies (Rochester, New York) ) announced Thursday that it has closed on the acquisition of Stewart Petroleum Co.'s and other working interests in the West McArthur River Field, Cook Inlet Cook Inlet
Inlet, Gulf of Alaska in the northern Pacific Ocean. Bounded by the Kenai Peninsula on the east, it extends northeast for 220 mi (350 km), narrowing from 80 to 9 mi (129 to 14 km). Anchorage is situated near its head. , Alaska.
Total working interests in the West McArthur River Field acquired by Forcenergy amounted to 97.75% with a corresponding 72.75% net revenue interest. The closing price adjusted for the Jan. 1, 1997 effective date and other items provided for in the Purchase and Sale Agreement was $18,743,447. As a result of the acquisition, Forcenergy will assume operations for the West McArthur River Field. Proven reserves as of June 5, 1997 associated with the interests acquired by Forcenergy, are approximately 2,641,800 barrels of oil. The West McArthur River Field is currently producing approximately 1,100 barrels of oil per day net to the interest acquired by Forcenergy.
The following comments were made by Stig Wennerstrom, Forcenergy's president 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. : "Through this acquisition, Forcenergy will establish an operating presence in the Cook Inlet area. We plan to implement a waterflood pressure maintenance program, which is expected to stabilize production and increase proven reserves. An important part of this acquisition is Stewart Petroleum's interest in six exploratory leases. Two of the exploratory leases (33% working interest) are associated with a recognized exploratory prospect with up to 100 million barrels gross unrisked potential. We have also identified leads on several of the other exploratory leases."
Forcenergy Inc is an independent oil and gas company engaged in the development, exploration, acquisition and production of oil and natural gas properties. -0-
Certain statements in this news release regarding future expectations and plans for future drilling activities 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 financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting 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.
See 10-K. for the year ended Dec. 31, 1996. Actual results may vary materially.
CONTACT: Forcenergy Inc
J. Russell Porter
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