NOBLE AFFILIATES REPORTS HIGHER OIL AND GAS RESERVES
NOBLE AFFILIATES REPORTS HIGHER OIL AND GAS RESERVES ARDMORE, Okla., Jan. 29 /PRNewswire/ -- Noble Affiliates, Inc.
(NYSE: NBL) today announced that its oil and gas reserves increased by eight percent and 13 percent, respectively, by year-end 1991.
Noble's oil reserves rose 3.3 million barrels to 43.9 million barrels during 1991, marking the fourth successive year of oil reserve growth. Domestic oil reserves, which make up 87 percent of the total oil reserves, increased by 2.8 million barrels, eight percent above the previous year. Noble's gas reserves increased 46.7 billion cubic feet to 396.6 billion cubic feet in 1991, the third year of growth in the last four years. Domestic gas reserves, which make up 94 percent of the total, rose by 47.4 billion cubic feet, a 15 percent increase over 1990. Robert Kelley, Noble's president and chief executive officer, said, "The significance of these gains is that, while our production reached record levels in 1991 of 15,000 barrels of oil per day and 178.4 million cubic feet of gas per day, we were able to replace that production by 159 percent and 174 percent, respectively. "The reserve growth was achieved at an attractive cost per barrel equivalent," Kelley added. "We spent $147.5 million on exploration, development and acquisitions during the year. We added 27.7 million barrel equivalents of oil using a 6:1 gas conversion factor, resulting in a finding cost of $5.32 per barrel equivalent." Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico and offshore California, as well as international operations primarily in Canada, Tunisia and Indonesia. -0- 1/29/92 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/ (NBL) CO: Noble Affiliates, Inc. ST: Oklahoma IN: OIL SU:
JT -- NY038 -- 4692 01/29/92 11:26 EST
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|Date:||Jan 29, 1992|
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