Printer Friendly

BARRETT RESOURCES ANNOUNCES MULTI-WELL DEVELOPMENT DRILLING PROGRAM

 BARRETT RESOURCES ANNOUNCES MULTI-WELL DEVELOPMENT DRILLING PROGRAM
 DENVER, Aug. 31 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ-NMS: BARC) announced today that it has entered into a farmout agreement with AMOCO Production Co. The agreement commits Barrett to a drilling program designed to develop gas reserves from the Red Oak and Fanshawe sandstones in the giant Red Oak Field located in Latimer and LeFlore Counties, Okla. To date, the Red Oak Field has produced over one trillion cubic feet of gas.
 Barrett will immediately begin drilling the first of 15 infill development wells. AMOCO's working interest in the wells ranges from approximately 6.2 percent to 100 percent. Under the farmout agreement, Barrett will receive 99 percent of AMOCO's working interests and AMOCO will retain an overriding royalty interest in the wells until payout; at which time AMOCO will have the right to convert its royalty to a working interest. In addition, Barrett is attempting to increase its working interest by acquiring interests from third parties. Drilling depths will range from 6,800 feet to 9,200 feet with Barrett's cost estimated to be approximately $7,000,000 for the 15 well drilling program. Because of the proximity and availability of AMOCO's Red Oak Gas Gathering System to the well locations, gas production from the program can commence almost immediately after it has been developed.
 William J. Barrett, president, stated that this opportunity to develop significant gas reserves will position the company to take advantage of the recent increase in natural gas prices.
 Barrett Resources is a Denver-based independent oil and gas exploration company that is also involved in gas gathering systems and gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 -0- 8/31/92
 /CONTACT: Donald H. Stevens or Carolyn Norland both of Barrett Resources, 303-297-3900/
 (BARC) CO: Barrett Resources Corp.; AMOCO Production Co. ST: Colorado, Oklahoma IN: OIL SU:


MC -- DV001 -- 4997 08/31/92 13:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 31, 1992
Words:327
Previous Article:BECHTEL WINS ROLE IN TOKYO BUILDING PROJECT
Next Article:NOEL GROUP COMPLETES ACQUISITION OF LINCOLN DIVISION, NAMES CEO
Topics:


Related Articles
BARRETT RESOURCES CORP. ANNOUNCES MULTIFIELD DEVELOPMENT DRILLING PROGRAM AND PARTICIPATION IN A HORIZONTAL DRILLING PROGRAM
BARRETT RESOURCES ANNOUNCES RED OAK FIELD DEVELOPMENT DRILLING PROGRAM PROGRESS
BARRETT RESOURCES FILES OFFERING OF COMMON STOCK
BARRETT RESOURCES CORP. ACQUIRES ADDITIONAL WORKING INTERESTS IN THE ARKOMA AND PICEANCE BASINS
BARRETT RESOURCES ANNOUNCES STATUS OF NEW WELLS
Barrett Announces Increased Capital Expenditure Budget For 1996 and 1997
Barrett Cave Gulch #16 Deep Test Well Reaches Total Depth
Foreland Corporation Announces Completion of $16.9MM Financing and Option to Purchase Refinery

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters