Printer Friendly

PLAINS PETROLEUM PREDICTS IMPROVED RESULTS

 LAKEWOOD, Colo., June 23 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) announced today that its natural gas deliveries for the second quarter of 1993 were running approximately 30 percent ahead of the second quarter of 1992 at prices that averaged in excess of 15 percent greater than the same period of the previous year. "Based on the improved gas sales and prices we expect our financial results for the second quarter to be much improved compared to last year's results," stated James A. Miller, president of Plains Petroleum Company.
 Miller said Plains was also encouraged by the recent completion and testing of a delineation well offsetting the Ship Shoal discovery (offshore Louisiana) completed last year. The State Lease 14311 Well No. 1 in which Plains has a 33-1/2 percent working interest tested in excess of 10 million cubic feet of natural gas and 100 barrels of condensate per day from two zones. The discovery well, State Lease 14158 Well No. 1 was completed in June 1992, testing 5.2 million cubic feet of natural gas and 118 barrels of condensate per day. The operator (Estate of William C. Helis of New Orleans, La.) is currently negotiating gathering and marketing agreements and plans to have pipeline and production facilities in place and the wells on production beginning the fourth quarter of this year according to Miller.
 Plains produces, develops and explores for oil and gas in the Mid-continent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 -0- 6/23/93
 /CONTACT: Darrel Reed of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company/
 (PLP)


CO: Plains Petroleum Company ST: Colorado IN: OIL SU: ERP

PS-MP -- NY018 -- 4884 06/23/93 09:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993
Words:311
Previous Article:UNICO AMERICAN REPORTS FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
Next Article:ELECTROCHEMICAL INDUSTRIES (FRUTAROM) TO ACQUIRE MEER
Topics:


Related Articles
PLAINS PETROLEUM REPORTS HIGHER OPERATING PROFITS
PLAINS PETROLEUM DECLARES DIVIDEND
PLAINS PETROLEUM REPORTS INCREASED PROFITS
PLAINS PETROLEUM REPORTS LOWER PROFITS
PLAINS PETROLEUM REPORTS HIGHER CASH FLOW BUT LOWER OPERATING PROFITS FOR 1993
SIGNIFICANTLY LOWER OIL PRICES PRODUCE LOWER FIRST QUARTER PROFITS FOR PLAINS PETROLEUM
PLAINS PETROLEUM REPORTS LOWER THIRD QUARTER RESULTS; ANTICIPATES REPLACING ALL OF 1994 PRODUCTION
PLAINS PETROLEUM REPORTS IMPROVED FOURTH QUARTER EARNINGS, RESULTS OF STRATEGIC STUDY EXPECTED THIS MONTH
PLAINS PETROLEUM REPORTS RECORD FIRST QUARTER REVENUES, OIL PRODUCTION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters