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CONCORD ENERGY REPORTS SUCCESSFUL INITIAL OIL PRODUCTION FROM TEXAS WATERFLOOD PROJECT

 BERNARDSVILLE, N.J., Nov. 1 /PRNewswire/ -- Concord Energy Incorporated, (Concord), (NASDAQ: CCRG), today announced that it has achieved favorable initial production results from its waterflood project located in Kilgore, Texas. Concord's waterflood covers an approximately 400 acre section (the Kilgore Field) located in the center of the East Texas Field. After a relatively short period of water injection in the Kilgore field, a daily production rate of approximately 75 barrels of oil has been attained. Concord indicated that with continued application of the waterflood, the level of oil production in the near future is expected to increase to around 150 barrels per day, gradually rising thereafter to a level of 400 barrels per day.
 Based on a daily production rate of 150 barrels of oil, Concord's 60.52 percent working interest (or 45.74 percent net revenue interest) in the Kilgore Field would product annual net production revenue of around $350,000 to $400,000 for the Company. On the same basis, production of 400 barrels of oil per day would produce annual net production revenue of close to $1.0 million.
 Concord further noted that the success of the waterflood project to date in the Kilgore Field has increased Concord's proved reserves by approximately 230,000 barrels.
 Concord is an oil and gas operating and investment company with interests in over 150 producing wells located in Texas and Louisiana. In addition, Concord's well operating subsidiary, Concord Operating Incorporated, currently manages the field operations of over 50 wells in the above states in which concord has an ownership interest.
 -0- 11/1/93
 /CONTACT: Ron Como & Associates, Inc., 212-227-3010/
 (CCRG)


CO: Concord Energy Incorporated ST: New Jersey IN: OIL SU:

MP-TA -- NY022 -- 9040 11/01/93 10:07 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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