Vastar Resources active participant in OCS Sale.
All bids are subject to review by the Minerals Management Service of the United States Department of the Interior, 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)
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|Date:||Sep 14, 1995|
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