AMERICAN NATIONAL PETROLEUM ANNOUNCES EXPLORATION AND DRILLING PROGRAM ON FINA LANDS
AMERICAN NATIONAL PETROLEUM ANNOUNCES
EXPLORATION AND DRILLING PROGRAM ON FINA LANDS
HOUSTON, Nov. 14 /PRNewswire/ -- American National Petroleum Company (NASDAQ: ANPC) (the "company") announced today that they have entered into an exploration and drilling program with Fina Oil and Chemical Company (AMEX: FI) ("FINA") for the purpose of exploring and developing potential oil and gas reserves under FINA's 15,000 fee mineral acres, located in Beauregard Parish, La.
In general, FINA will make available to ANPC the Beauregard Parish acreage and any existing geophysical and geological data. In exchange, ANPC has agreed to reprocess approximately 153 miles of seismic data and to drill a minimum of two wells on or before July 1, 1993. The proceeds from any successful well will be shared by the companies in accordance with the agreement.
This transaction is consistent with ANPC's strategy to acquire exploration and drilling opportunities that are geographically complimentary to their existing properties of oil and natural gas, which are located in south Louisiana and Texas.
American National Petroleum Company, a Houston-based company, is engaged in oil and natural gas exploration and production and energy related business.
FINA, based in Dallas, engages in crude oil and natural gas exploration and production and natural gas marketing; petroleum products refining, supply and transportation, and marketing; and chemicals manufacturing and marketing. Organized in 1956, it is affiliated with Petrofina S.A., which is headquartered in Brussels, Belgium.
/CONTACT: Mary Y. Cotner of American National Petroleum Company, 713-961-1770/
(ANPC) CO: American National Petroleum Company; Fina Oil and Chemical Company ST: Texas IN: OIL SU: JT -- NY095 -- 4555 11/14/91 16:15 EST