Printer Friendly

PLAINS PETROLEUM ENTERS NEW NATURAL GAS DEVELOPMENT PROJECT

 LAKEWOOD, Colo., Nov. 10 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) today reported that its wholly owned subsidiary, Plains Petroleum Operating Company, has joined with Ensign Oil & Gas, Inc., as a 50 percent working interest owner in a new natural gas project to develop Mesaverde-Almond acreage in Carbon County, Wyo. EOG (New Mexico), Inc., a wholly-owned subsidiary of Ensign, will be the project operator. For its interest Plains will bear half the cost of drilling a minimum of 14 wells and will make payment for its interest in EOG's previously-owned acreage as wells are drilled. Over the next three years the parties plan to drill 62 wells. It is currently anticipated the first well will be drilled in the second quarter of 1994 after completion of an environmental impact study currently underway.
 Previous completions in the area indicate a typical Mesaverde well costs $370,000 and develops reserves of about 800,000 thousand cubic feet (Mcf) of natural gas. Almond sands, found at the top of the Mesaverde, have been encountered and are the source of production in some wells in this area. A typical Mesaverde-Almond well also costs $370,000, but develops reserves of approximately 1,500,000 Mcf of natural gas.
 Plains and EOG recently acquired 3,167 lease acres offsetting the 12,686 acres EOG had previously acquired.
 Plains produces, develops and explores for oil and gas in the Mid- continent, 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, Wyo.
 -0- 11/10/93
 /CONTACT: Darrel Reed or Bob Danos of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655/
 (PLP)


CO: Plains Petroleum Company; Ensign Oil & Gas, Inc. ST: Colorado, Wyoming IN: OIL SU:

GK-TA -- NY072 -- 2838 11/10/93 14:41 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 10, 1993
Words:310
Previous Article:HARRIS NAMES THOMAS J. ERDMANN TO HEAD DRACON DIVISION
Next Article:PROCORDIA SHAREHOLDERS CREATE PHARMACIA
Topics:

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