TransTexas Gas Says Earlier Report of North Dakota Well Flow Test Rate Was Understated.HOUSTON--(BUSINESS WIRE)--Dec. 6, 1996--TransTexas Gas Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : TTXG) today said that its press release of December December: see month. 4 reporting the flow test rate of the Heart River No. 1, understated the actual recorded production from the well. The company said that after evaluating the volumes flowed to tanks during the test, the actual rate for the flow test was 6,836 barrels of oil per day (Bopd). This is an increase of 481 Bopd from the flow test rate incorrectly in·cor·rect adj. 1. Not correct; erroneous or wrong: an incorrect answer. 2. Defective; faulty: incorrect programming of the computer. 3. reported as 6,355 Bopd in yesterday's release. TransTexas also said that as a result of the flow test on the Heart River No. 1, it was increasing the completion equipment for its second well in the field, the Dinsdale No. 2-4, so as to optimize optimize - optimisation the well's flow capabilities. TransTexas Gas is engaged in the exploration, production and transmission of natural gas in the Lobo Trend and other areas of south Texas. The company is now the third largest producer of natural gas in Texas with gross natural gas production, including third-party operated wells, of 700 million cubic feet per day and over 500,000 net acres currently under lease. Except for the historical information contained herein, the matters set forth in this news release may contain forward looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include such factors as fluctuations in natural gas and crude oil pricing over which the company has no control, the ultimate success of exploration drilling programs, the competitive nature of the oil and gas exploration, development and production industries and the uncertainties associated with the drilling, completing and operating of natural gas and oil wells. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. CONTACT: TransTexas Gas Corporation Simon Ward, 713/987-8600 |
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