Printer Friendly

PLAINS RESOURCES TO ACQUIRE STOCKER RESOURCES

 PLAINS RESOURCES TO ACQUIRE STOCKER RESOURCES
 HOUSTON, May 13 /PRNewswire/ -- Plains Resources (AMEX: PLX) today


announced it had agreed to purchase all of the common stock of Stocker Resources, Inc., a privately held California corporation, and its associated limited partnerships for a purchase price of $14 million cash and 400,000 shares of Plains' common stock.
 Plains said that the acquisition would add proved producing reserves of about 13 million barrels of oil and 8 billion cubic feet of natural gas to Plains reserve base. At year-end 1991, independent engineering estimates placed Plains' reserves at approximately 6.6 million barrels of oil and 43 billion cubic feet of natural gas.
 Plains said that Stocker's current production was about 8,000 barrels of crude oil and about 4 million cubic feet of natural gas per day, principally from the Inglewood, East Beverly Hills, San Vincente and South Salt Lake fields in California's Los Angeles basin. The company said that it expected the acquisition to close within 45 days.
 Plains Resources is an independent oil and gas exploration and production company headquartered in Houston. During 1991, it was ranked by The Oil and Gas Journal as 113th among the largest publicly traded oil and gas companies in the United States.
 -0- 5/13/92
 /CONTACT: Nancy J. Kerby of Plains Resources, 713-651-1414/
 (PLX) CO: Plains Resources; Stocker Resources, Inc. ST: Texas, California IN: OIL SU: TNM


CK -- NY100 -- 9863 05/13/92 16:01 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1992
Words:243
Previous Article:MODTECH REPORTS RESULTS
Next Article:CHEVRON AND TEXACO EARN MMS SAFE AWARD
Topics:


Related Articles
PETROMINERALS CORP. CEASES NEGOTIATIONS TO PURCHASE 80 PERCENT OF STOCKER RESOURCES INC. AND STOCKER RESOURCES L.P.
PLAINS RESOURCES COMPLETES STOCKER ACQUISITION
LASMO ACQUIRES 5.4 PERCENT STAKE IN PLAINS IN EXCHANGE FOR MIAMI FEE PROPERTIES
PLAINS RESOURCES AND ARCO PIPE LINE COMPANY ENTER INTO CRUDE OIL TANKAGE LEASE
PLAINS RESOURCES ANNOUNCES PRODUCING PROPERTY ACQUISITION
Plains Resources Signs Agreement to Acquire California Property
/C O R R E C T I O N -- Plains Resources/(Correction Notice)
Plains All American Pipeline Signs Memorandum of Understanding to Acquire Scurlock Permian From Marathon Ashland Petroleum.
Plains All American Pipeline Completes Acquisition of Scurlock Permian From Marathon Ashland Petroleum.
Plains All American Pipeline, L.P. Announces Completion of Strategic Transaction Involving General Partner.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters