Vastar Resources active participant in OCS Sale.HOUSTON--(BUSINESS WIRE)--Sept. 14, 1995--Vastar Resources, Inc. (NYSE NYSE
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VRI Venture Research Institute (Lake Forest, California) ) announced Thursday that it was the apparent successful bidder on 10 western 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 tracts in the September 13 Outer Continental Shelf In the federal United States, the Outer Continental Shelf (OCS) consists of the submerged lands, subsoil, and seabed, lying between the seaward extent of the States' jurisdiction and the seaward extent of Federal jurisdiction. (OCS) Sale 155.
All bids are subject to review by the Minerals Management Service of the United States Department of the Interior The United States Department of the Interior (DOI) is a Cabinet department of the United States government that manages and conserves most federally owned land. These responsibilities are different from other countries' Interior Departments or ministries, which tend to focus , which managed the sale. If all tracts are awarded, Vastar will purchase approximately 54,000 net acres at a cost of $4.5 million.
The blocks include Galveston 291 and 226; Garden Banks 156 and 199; High Island A401; and Mustang Island 850, A21, 788, A54 and A56. If the bids are accepted, Vastar will own 100 percent of all the tracts except A401, of which Vastar will own 50 percent.
These tracts will increase Vastar's Gulf of Mexico holdings to approximately 722,126 net acres, ensuring the company maintains its position as one of the largest leaseholders on the Gulf of Mexico Shelf. Earlier this year in OCS Sale 152, Vastar was the successful bidder (solely and with partners) on 18 offshore blocks totaling 73,895 net acres at an average price of $88 per acre, all of which have been awarded.
Vastar Resources, Inc., headquartered in Houston, Texas, finds, develops, produces and markets natural gas and liquid hydrocarbons.
CONTACT: Vastar Resources Inc., Houston
Lisa Marshall, 713/584-3448 (media), or
Barbara Fitzgerald, 713/584-3477 (financial)