Printer Friendly

REPORT OF THE EXPLORATION COMPANY ANNUAL MEETING

 SAN ANTONIO, Texas, March 29 /PRNewswire/ -- The Exploration Company (TXCO) today issued the following:
 Stockholders Elect Board, Approve Reverse Stock Split
 James E. Sigmon, president of The Exploration Company, reported that the company's stockholders elected management's slate of directors and approved a 50-1 reverse stock split effective today. The company will have 3,487,633 common shares outstanding after the split.
 Successful Prime Energy No. 1-84 Well Test
 President James Sigmon additionally reported to stockholders that pipe was set on the Prime Energy No. 1-84 Paloma Ranch well in which TXCO has a 12.5 percent interest. The well tested 2,000 psi shut-in pressure and flowed at a rate of 2,100 mcf per day a 16/64 inch choke with a flowing tubing pressure of 1,491 psi. The well is the first successful test in three attempts to develop production from zones of high porosity indicated by a proprietary geophysical study by the company and is now undergoing a four-point test.
 Numerous zones of similar promise have been identified on the 50,000 acre Maverick County block in which the company has an interest. The company recently concluded a 3-D seismic survey on 13,000 acres of the block in which the company owns a 50 percent interest. The survey indicated the 13,000 acres contains numerous high porosity zones using the company's proprietary interpretive techniques.
 Sigmon said, "This well confirms our exploratory approach. We are anxious to get at the many zones in the block with similar characteristics which remain to be tested. We expect to drill additional test wells over the next year as financing and cash flow permit. Future drilling on this large block can develop significant production and reserves for TXCO."
 Diesel Conversion Project on Track
 Sigmon also said that a company funded research project, recently undertaken by Don Greenway, to convert diesel engines to run on propane fuel is also nearing completion. Under its agreement with Greenway, the company has exclusive marketing rights for the technology in the United States, Mexico, Canada, Central America and South America.
 "Greenway has indicated that the conversion should meet the Amended 1990 Federal Clean Air Act emission standards as well as those of the California Air Resource Board which are the strictest in the nation. We will formally submit a converted engine to this testing within the next few weeks."
 Sigmon added, "The market for diesel conversion is huge, and the technology should place the company in an excellent position to capture a good share of the diesel engine conversion market."
 -0- 3/29/93
 /CONTACT: James E. Sigmon, president of The Exploration Company, 210-496-5300/


CO: The Exploration Company ST: Texas IN: OIL SU:

LR-TS -- NY034 -- 0429 03/29/93 10:45 EST
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:Mar 29, 1993
Words:457
Previous Article:INSURANCE CLAIMS FROM WORLD TRADE CENTER EXPLOSION ESTIMATED AT $510 MILLION BY PROPERTY CLAIM SERVICES
Next Article:OSP CONSULTANTS ANNOUNCES NEW INVESTOR
Topics:


Related Articles
MSR EXPLORATION LTD. REPORTS ON ANNUAL GENERAL MEETING
ENERGEN ANNOUNCES IMPROVED FIRST QUARTER RESULTS AT ANNUAL MEETING
NEWFIELD EXPLORATION COMPANY ANNOUNCES 1994 ANNUAL MEETING OF STOCKHOLDERS
WOLVERINE EXPLORATION SCHEDULES ANNUAL MEETING
Northern Orion reports on Annual General Meeting.
AFRICA OIL EXPLORATION PLC - Notice of AGM.

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