Printer Friendly

PLAINS PETROLEUM COMPLETES ACQUISITION OF POWDER RIVER BASIN PROPERTIES

PLAINS PETROLEUM COMPLETES ACQUISITION OF POWDER RIVER BASIN PROPERTIES
 LAKEWOOD, Colo., Oct. 1 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) announced it completed yesterday the previously reported acquisition by its wholly owned subsidiary, Plains Petroleum Operating Company, of oil properties located in Wyoming's Powder River Basin.
 The properties include interest in 64 producing wells and have estimated proved developed reserves of approximately 2 million barrels of oil. There are additional undeveloped reserves associated with the properties on which Plains will commence exploitation work during the remainder of 1992 into 1993. These wells have produced during 1992 an average of 900 barrels of oil per day to the acquired interest and will increase Plains' average daily oil production by approximately one-third. The effective date of the acquisition was Jan. 1, 1992. Cash flow from the properties from Jan. 1 through the Sept. 30 closing resulted in an adjusted cash purchase price of $10 million. Operation of these newly acquired properties will be conducted by Plains' Rocky Mountain District from its offices in Lakewood and Gillette, Wyo.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette.
 -0- 10/01/92
 CONTACT: Jim Miller or Bob Danos of Plains Petroleum Company, 303-969-9325; or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company
 (PLP) CO: PLAINS PETROLEUM COMPANY IN: OIL ST: CO,WY -- NY014 -- X923 10/01/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 1, 1992
Words:257
Previous Article:MARGO NURSERY FARMS' MIAMI NURSERY DESTROYED BY HURRICANE ANDREW
Next Article:WITH 100,000 CUSTOMERS PER WEEK, STEW LEONARD'S IS WORLD'S BUSIEST SUPERMARKET AND A CONNECTICUT TOURIST ATTRACTION
Topics:


Related Articles
PLAINS PETROLEUM ACQUIRING PROPERTIES IN POWDER RIVER BASIN
PLAINS PETROLEUM ACQUIRING PROPERTIES IN POWDER RIVER BASIN
CORRECTION TO PLAINS PETROLEUM ANNOUNCES HENDERSON AS MANAGER OF ACQUISITIONS
PLAINS PETROLEUM REPORTS LOWER PROFITS
PLAINS PETROLEUM: EXTRAORDINARY ONE-TIME CHARGES AND CREDIT FOR FIRST QUARTER 1993
Pennaco Names Bryan G. Hassler Vice President - Gas Marketing and Transportation.
Powder River Basin Gas Corp. Announces Production and Lease Acquisition.
Prima Energy Corporation Reports On Reserves, Operations, Hedging and 2004 Plans.
U.S. Energy Corp. Updates Wyoming Powder River Basin Coalbed Methane Projects.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters