The Meridian Resource Corporation Files Final Proxy for Shell Merger and Begins Joint Exploration and Development Activities.HOUSTON--(BUSINESS WIRE)--June 15, 1998--The Meridian Resource Corporation (NYSE NYSE See: New York Stock Exchange :TMR TMR total mixed ration. TMR 1 Trainable mentally retarded 2 Transmyocardial revascularization, see there ) today announced that it has mailed to its shareholders its Proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the merger of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. Onshore Properties Inc., an indirect subsidiary of Shell Oil Company, and LOPI LOPI Loss of Piping Integrity LOPI Loss-Of-Pumping Incident Acquisition Corporation., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Meridian. The Company has scheduled a special shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. to vote on the proposal on June 30, 1998 at 9:00 a.m. with the merger expected to close immediately following approval at the shareholders' meeting. As previously announced, the merger, along with a separate asset acquisition from a Shell subsidiary will combine all of Shell's exploration and production properties in south Louisiana into Meridian, including all of Shell's south Louisiana producing fields, assets, acreage, together with all exploration prospects, and access to a substantial portion of Shell's 2-D and 3-D seismic inventory for onshore south Louisiana. The consideration for the transaction remains $42.5 million cash plus equity in Meridian equal to a fixed 39.9% interest on a fully diluted basis. On May 22, 1998, Meridian and Shell signed an interim Transition Operating Agreement An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. covering the LOPI properties. Immediately thereafter, Meridian began drilling and workover operations in several fields, including: -0-
-- Weeks Island--Four (4) workovers with one (1) exploration/
development well underway.
-- King's Bayou--Three (3) workovers underway with one (1) sidetrack
operation commencing.
-- White Castle--Five (5) workovers have been completed with one (1)
exploration well underway.
-- Riceville--One (1) exploitation well (Pride) currently being
completed and a second exploitation well (AJAX) underway.
-0-
In addition, other operations for Meridian include:
-- A successful production test on South Timbalier 139 (27%WI)
located 32 miles offshore Louisiana in 70 feet of water in the Gulf
of Mexico flowed 12.5 MCF/d and 504 BO/d on a 16/64" choke with
9452 psi flowing tubing pressure, from perforations at 16,934 to
17, 014 feet. A single cassion has been set around the well and
produciton facilities construction is underway. In addition to the
perforated interval, the Tex Sand appears productive behind pipe at
a depth of 15,500 to 15,550 feet.
-- Main Pass Block, 262 (31%WI) currently drilling at 10,200 feet,
with a target depth of approximately 13,500 feet.
-- Main Pass Block 7 (38.4%WI) drilling operations to begin by June
30, 1998 with a target depth of approximately 12,500 feet.
-0- Meridian also announced the re-scheduling of its Analysts' Conference to be held in Houston on July 21-22, 1998. For details, Mr. P. Richard (Dick) Gessinger, can be contacted at the Company. The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas properties utilizing 3-D seismic technology, primarily in south Louisiana, southeast Texas and offshore Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Meridian's office is located in Houston, Texas and the stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "TMR". For additional information, visit our website at www.TMRC TMRC - /tmerk'/ The Tech Model Railroad Club at MIT, one of the wellsprings of hacker culture. The 1959 "Dictionary of the TMRC Language" compiled by Peter Samson included several terms that became basics of the hackish vocabulary (see especially foo, mung, and frob). .com or our E-mail address at TMRC@ix.netcom.com. Certain of the foregoing statements may be deemed "forward-looking statements" within the meaning of the Securities Exchange Act of 1934. Although Meridian believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in Meridian's business are set forth in Meridian's filings with the Securities and Exchange Commission. These risks include (i) the continued production from existing wells at their current or projected levels, (ii) price changes for oil and gas, (iii) the ability of the Company to successfully complete those wells that have been logged and reflect potential production, (iv) the ability of the Company to successfully complete and produce those reserves scheduled as "non-producing" or "undeveloped", (v) the ability of the Company to acquire leases and timely drill its exploratory prospects, (vi) risks regarding estimates of reserves, (vii) production risks, (viii) governmental regulations and (ix) general risks regarding the exploration for, and production of, oil and gas reserves. CONTACT: Meridian Resource Corporation, Houston Joseph A. Reeves, Jr., Michael J. Mayell or P. Richard "Dick" Gessinger, 281/558-8080 |
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