BELLWETHER ANNOUNCES SALE OF SOUTH TEXAS PROPERTIES
BELLWETHER ANNOUNCES SALE OF SOUTH TEXAS PROPERTIES HOUSTON, Nov. 11 /PRNewswire/ -- Bellwether Exploration Company
(NASDAQ: BELW) has closed the sale of 62.5 percent and 12.5 percent of its Haley Prospects in LaSalle County, Texas, to Union Pacific Resources Company (NYSE: UNP) and Nuevo Energy Company (NYSE: NEV), respectively. Sale proceeds were approximately $600,000. Bellwether retains a 23.75 percent interest in the prospect. The prospects cover almost 11,000 net acres on which an initial test well, to be operated by Union Pacific and drilled to a depth of 11,000 feet, will be commenced on or about Nov. 15, 1991. The Edwards and Glen Rose formations are the primary objectives for the vertical hole. The Austin Chalk and Buda formations will be evaluated for horizontal drilling on the prospects.
Bellwether Exploration Company is engaged in oil and gas exploration and development, and the acquisition of producing properties in the United States. -0- 11/11/91 /CONTACT: J. Darby Sere of Bellwether Exploration, 713-753-1420/ (BELW UNP NEV) CO: Bellwether Exploration Company; Union Pacific Resources Company; Nuevo Energy Company ST: Texas IN: OIL SU: TNM KD -- NY079 -- 3199 11/11/91 17:29 EST
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|Date:||Nov 11, 1991|
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