Printer Friendly

REPEATING TO CORRECT GARBLE -- CRYSTAL OIL CRYSTAL OIL COMPANY ANNOUNCES RUSSIAN JOINT VENTURE

 SHREVEPORT, La., Aug. 5 /PRNewswire/ -- Crystal Oil Company (AMEX: COR) today announced that it had entered into a joint venture agreement with Orenburgneft Production Association to engage in workover and enhanced recovery activities with respect to various existing producing oil and gas deposits located in the Orenburg Region of the Russian Federation.
 Under the terms of the agreement, a new joint venture company in which Crystal will have a 50 percent interest will be entitled to all of the production of oil and gas in excess of an agreed upon base line of production from the properties to be operated by the joint venture. It is contemplated that the initial operations of the joint venture will be limited to two formations in two fields currently operated by Orenburgneft. Additional properties may be added in the future by mutual agreement.
 The formation of the joint venture and the transactions contemplated thereby are subject to the receipt of various governmental approvals and licenses. Operations of the joint venture are currently expected to commence in late 1993. J.P. Morgan acted as financial adviser to Orenburgneft in this transaction.
 Joe N. Averett Jr., president of the company, stated that, "this joint venture provides Crystal with the opportunity to expand its operations into one of the significant oil producing regions in Russia." Averett added, "I am excited about the chance to work with the people at Orenburgneft and look forward to a long relationship with them."
 Crystal Oil Company an independent oil and gas exploration and production company is headquartered in Shreveport. Its principal properties are located in Louisiana, Arkansas and Texas.
 Orenburgneft is an oil and gas association that is wholly owned by the Russian Federation and is responsible for the exploration and development of oil deposits in the Orenburg Region of the Russian Federation. Orenburgneft has current production of approximately 146,000 barrels of oil per day and 116 million cubic feet of natural gas per day. Orenburgneft is headquartered in Orenburg, which is located on the Ural River, approximately 800 miles southeast of Moscow.
 -0- 08/05/93
 CONTACT: L.G. Caskey, corporate secretary of Crystal Oil Company, 318-222-7791
 (COR) CO: CRYSTAL OIL COMPANY; ORENBURGNEFT PRODUCTION
 ASSOCIATION


IN: OIL SU: JVN ST: LA

-- AT011R -- X276 08/05/93
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:Aug 5, 1993
Words:377
Previous Article:CRYSTAL OIL COMPANY ANNOUNCES RUSSIAN JOINT VENTURE
Next Article:CRITEF-I PARTNERSHIP TO PAY 50 CENTS PER BAC FOR THE FIRST HALF OF 1993
Topics:

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