CMS ENERGY UNIT, NOMECO OIL & GAS CO., ACQUIRES INTERESTS FROM NERCO OIL & GAS, INC.
CMS ENERGY UNIT, NOMECO OIL & GAS CO., ACQUIRES INTERESTS FROM NERCO OIL & GAS, INC. DEARBORN, Mich., Aug. 6 /PRNewswire/ -- CMS Energy Corporation's (NYSE: CMS) oil and gas exploration unit, NOMECO Oil & Gas Co., announced that it has acquired from Nerco Oil & Gas, Inc. interests in 13 federal oil and gas lease blocks located in the Outer Continental Shelf offshore Texas and Louisiana. NOMECO owned interests in each of the blocks prior to the acquisition. As a result of the purchase, NOMECO's interests have been increased to between 37.5 percent and 50 percent depending on the block. The Louisiana Land and Exploration Company operates the tracts. Of the 13 blocks involved in the acquisition, two are producing natural gas and condensate and 11 are undeveloped. Total proven reserves acquired are approximately 5.7 Bcf of gas and 200,000 barrels of condensate. The purchase price of the acquisition was $6.8 million. NOMECO is among the top 100 oil and gas companies in production and reserves, and is Michigan's largest independent oil and gas producer. It is engaged in exploration and/or production activities in 11 states and nine foreign countries. CMS Energy Corporation is a $3 billion (sales) diversified energy company with businesses engaged in the distribution of electricity and natural gas, interstate storage and transmission of natural gas, oil and gas exploration and production, independent power generation and utility services. CMS Energy Corporation's principal subsidiary is Consumers Power Company, Michigan's largest utility and the nation's fourth largest combination electric and gas utility. -0- 8/6/92 /CONTACT: Michael J. Brogan of CMS Energy Corporation, 313-436-9253/ (CMS) CO: CMS Energy Corporation; NOMECO Oil & Gas Co.; Nerco Oil & Gas, Inc. ST: Michigan, Texas, Louisiana IN: UTI OIL SU: TNM
KR -- DE012 -- 7481 08/06/92 09:57 EDT
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|Date:||Aug 6, 1992|
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