KELLEY OIL CORPORATION ANNOUNCES TEST RESULTS ON SOUTH LOUISIANA WELL.HOUSTON, TEXAS--(BUSINESS WIRE)--Jan. 4, 1995--KELLEY OIL CORPORATION (Nasdaq NM:KOIL) ("Kelley Oil") and Kelley Oil & Gas Partners, Ltd. (AMEX AMEX See: American Stock Exchange :KLY) ("Kelley Partners") announced today test results for the Exxon Fee No. 1 well in the Fire Island Field of Vermilion Parish, Louisiana Vermilion Parish (French: Paroisse de Vermilion) is a parish located in the U.S. state of Louisiana. The parish seat is Abbeville and as of 2000, the population was 53,807. Geography The parish has a total area of 3,984 km² (1,538 mi²). . The Exxon Fee No. 1 well encountered productive sands in the Marg A-36 sand of the Miocene formation and tested at a rate of 5.0 million cubic feet of gas and 125 barrels of condensate per day on a 12/64-inch choke through perforations from 14,074 to 14,086 feet with a flowing tubing pressure of 4610 pounds per square inch Noun 1. pounds per square inch - a unit of pressure psi pressure unit - a unit measuring force per unit area . The Kelley Partners 1994 Development Drilling Program owns a 66.7 percent working interest in the well, and Kelley Partners owns a 33.3 percent working interest. Kelley Oil owns a 67.2 percent working interest in the well as a result of its interest in those partnerships. The well is expected to be put to sales in late January. Kelley Partners is a publicly traded partnership Publicly Traded Partnership A limited partnership that also has interests traded in the equity securities market. Notes: This is also known as a master limited partnership. See also: Master Limited Partnership, Partnership, Public Company with oil and gas properties located primarily in Louisiana. Kelley Oil is its managing general partner and owns 19.9 percent of Kelley Partners. Kelley Oil also owns controlling interests in separate development partnerships formed to conduct drilling operations on properties of Kelley Partners. Units in Kelley Partners are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol KLY. Common stock and $2.625 Convertible Exchangeable Preferred Stock Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. of Kelley Oil are traded on the Nasdaq National Market under the symbols KOIL and KOILP, respectively. CONTACT: Frances Gomulka
Manager, Investor Relations
713/652-5211
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