NOBLE DRILLING CONTINUES TO FOCUS OPERATIONS
NOBLE DRILLING CONTINUES TO FOCUS OPERATIONS HOUSTON, Feb. 4 /PRNewswire/ -- Noble Drilling Corp.
(NASDAQ: NDCO) announced today that in order to concentrate efforts and resources on the company's core contract drilling business, Noble will be initiating steps to sell oil and gas properties, all of which are located in the United States and Canada. The company's exploration and production efforts are conducted by subsidiary companies Nexco Inc. in Oklahoma City and Mosswood Oil & Gas Ltd. in Calgary.
"Through various equipment acquisitions over the past four years our contract drilling operations have expanded dramatically while the production segment has become less and less significant to the revenue base of the company," said President and Chief Executive Officer James C. Day. As of Dec. 31, the company had estimated net proved developed reserves of approximately 10.9 billion cubic feet of natural gas and 1,224,000 barrels of oil. The company's year-end financial results will include certain financial information relative to the discontinuance of the oil and gas exploration and production operations. Noble is a major drilling contractor with offshore and land operations in the United States, Canada, the United Kingdom, Africa, the Middle East and the Far East. The company's outstanding Common Stock and $2.25 Convertible Exchangeable Preferred Stock are traded in the NASDAQ/NMS under the symbols "NDCO" and "NDCOP", respectively. -0- 2/4/92 /CONTACT: Byron L. Welliver of Noble Drilling Corp., 713-974-3131/ (NDCO NDCOP) CO: Noble Drilling Oil Co. ST: Oklahoma IN: OIL SU:
JL -- SF006 -- 6667 02/04/92 12:00 EST
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|Date:||Feb 4, 1992|
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