Inland Resources Inc. Hires Financial Advisors.Business Editors DENVER--(BUSINESS WIRE)--Jan. 9, 2002 Inland Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : INLN INLN Institut Non Lineaire de Nice (French: Non-Linear Institute of Nice) ) ("Inland" or the "Company") today announced that it has retained Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Inc. and Petroleum Place Energy Advisors to advise the Company regarding its review of strategic alternatives, which may include a potential sale or merger of Inland. Inland is a Denver, Colorado-based oil and gas exploration and production company with operational activity solely focused in the Monument Butte Butte, city, United States Butte (by  t), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. Field area of the Uinta Basin of Utah. The Monument Butte Field produces a light, sweet, waxy waxy (wak´se)1. composed of or covered by wax. 2. resembling wax, especially denoting some combination of pliability, paleness, and smoothness and luster. crude referred to as Black Wax. Inland operates 707 wells or approximately 98% of its proved reserve base, including 23 secondary recovery units, two of which were approved in 2001. The Company controls a large contiguous acreage position with approximately 104,000 net acres of leasehold. Inland increased gross production from approximately 5,700 barrels of oil equivalent per day in December 2000 to over 7,000 barrels of oil equivalent per day in September 2001 and continues to convert wells to water injection to expand its secondary recovery operations Operations conducted to search for, locate, identify, rescue, and return personnel, sensitive equipment, or items critical to national security. . Inland expects to maintain an active development drilling program during 2002. As of September 30, 2001, the Company's internal estimate of proven reserves was approximately 52.3 million barrels of oil and 79.4 billion cubic feet of gas, or 65.5 million barrels of oil equivalent. In addition to proven reserves, the Company estimates it has approximately 64.4 million barrels of oil equivalent of probable reserves and 40.0 million barrels of oil equivalent of possible reserves. The probable reserves represent a combination of continued water flood recovery and 602 development drilling locations beyond the Company's 630 proven undeveloped locations. Possible reserves represent an additional 521 40-acre drilling locations that would complete full development of the Company's acreage position. Additionally, the Company is reviewing additional upside reserve potential on its acreage in the deeper Mesa Verde gas play. 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. This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its Annual Report on 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, 2000, and its reports filed during 2001. |
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