Printer Friendly

AMERICAN EXPLORATION COMPANY GAS CONTRACT JUDGMENT UPHELD ON APPEAL

 HOUSTON, March 22 /PRNewswire/ -- American Exploration Company today announced that the United States Fifth Circuit Court of Appeals has upheld a judgment in the amount of $22.5 million, plus interest, against Louisiana Intrastate Gas Corporation (LIG), a wholly owned subsidiary of Arkla, Inc.
 The judgment relates to a February 1991 award of damages by a United States District Court jury for breach of contract by LIG involving the prices paid for natural gas production under a long-term gas contract. The damages were awarded to Austral Oil Company, a wholly owned subsidiary of American Exploration, and to other interest owners in the Northeast Montegut Filed located in Terrebonne Parish, La. American Exploration is entitled to approximately 30 percent of the award.
 Commenting on the Court's decision, Mark Andrews, chairman and CEO said, "We are glad that the Court of Appeals affirmed the judgment of the lower court. American is looking forward to a resolution of the Northeast Montegut gas contract dispute as well as a favorable outcome to our additional claims against LIG."
 American Exploration Company is an independent company with oil and gas production in the United States and Canada and exploratory activities focused in Texas, Louisiana, Tunisia and the Sultanate of Oman. American's common stock is traded on the American Stock Exchange under the symbol AX.
 -0- 3/22/93
 /CONTACT: Frank Murphy of American Exploration Company, 212-230-0344/
 (AX)


CO: American Exploration Company ST: Texas IN: OIL SU:

WB-SM -- NY033 -- 8195 03/22/93 11:33 EST
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:Mar 22, 1993
Words:249
Previous Article:GLOBEX GOES LIVE IN HONG KONG
Next Article:NEW JERSEY GOVERNOR JIM FLORIO TO BE PRESENTED 1993 ENTREPRENEUR MAGAZINE LEADERSHIP AWARD
Topics:


Related Articles
KCS ENERGY COMPLETES MAJOR GAS WELL IN SOUTH TEXAS; PRODUCTION BEING SOLD UNDER AN ABOVE MARKET PRICE CONTRACT
UNIT CORP. SAYS COURT OF APPEALS UPHOLDS RULING INVOLVING MORTGAGE FORECLOSURE LAWSUIT
UNIT CORP. ANNOUNCES 1992 YEAR-END EARNINGS AND OIL AND NATURAL GAS RESERVES
SOUTHERN NATURAL GAS COMPANY RECEIVES FAVORABLE COURT ORDER AFFIRMING RIGHT TO TERMINATE GAS PURCHASE CONTRACT WITH EXXON
TRANSTEXAS GAS CORPORATION CLAIMS TO REMAIN IN EXCESS OF $200 MILLION IF RULING UPHELD
TRANSTEXAS GAS CORP. ANNOUNCES NEXT STEP IN TERRY LITIGATION PROCEEDINGS
Remington Oil and Gas Corporation Announces Louisiana Appeals Court Ruling in Phillips Litigation.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters