SEAGULL ENERGY REPORTS INCREASE IN PROVED RESERVES
SEAGULL ENERGY REPORTS INCREASE IN PROVED RESERVES HOUSTON, March 4 /PRNewswire/ -- Seagull Energy Corporation
(NYSE: SGO) announced today that it substantially increased its proved reserves of natural gas, crude oil and condensate during 1991.
According to reserve reports from independent petroleum engineers, Seagull ended 1991 with 335.1 billion cubic feet (Bcf) of proved gas reserves and 11.0 million barrels of proved crude oil, condensate and natural gas liquids reserves. A year earlier, the company's proved reserves totaled 127.7 Bcf of gas and 5.8 million barrels of oil, condensate and natural gas liquids. Measured in natural gas equivalents, Seagull's proved reserves increased 147 percent from 162.5 billion cubic feet of gas equivalent (Bcfe) a year earlier to 401.2 Bcfe at the end of 1991. "We view the new reserve totals as verification of a year of significant progress on all fronts," said Seagull Chairman Barry J. Galt. "We enjoyed increases because of reserve purchases, new discoveries and revisions to previous reserve estimates. In fact, discoveries and field extensions alone far exceeded our 1991 production of 40.9 Bcfe, which was a record for the company by a large margin." Reserve purchases totaled 194.9 Bcfe, consisting almost entirely of Seagull's March 1991 acquisition of a portfolio of Mid-Continent producing properties, reserves and undeveloped acreage. Field extensions and new discoveries in 1991 totaled 72.0 Bcfe, vs. 26.1 Bcfe in the prior year, while revisions were 13.6 Bcfe in 1991, compared with 15.1 Bcfe in the previous year. Seagull's exploration and production activity, which is heavily gas- oriented, is concentrated offshore Texas and Louisiana in the Gulf of Mexico and onshore in western Oklahoma and the Texas Panhandle. During 1991 the company enjoyed eight successes out of 18 exploratory wells in which it participated, and made 24 completions out of 30 development wells. Houston-based Seagull is also engaged in the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing. PROVED RESERVE QUANTITY INFORMATION Oil(A) Gas(A) MMcfe(A) Beginning of 1990 3,669 74,716 96,728 Purchases of reserves in place 2,427 39,921 54,482 Sales of reserves in place (1,144) (3,928) (10,795) Revisions of previous estimates 1,197 7,883 15,074 Discoveries and extensions 455 23,360 26,087 Production (813) (14,243) (19,119) Beginning of 1991 5,791 127,709 162,457 Purchases of reserves in place 4,639 167,098 194,934 Sales of reserves in place (52) (506) (822) Revisions of previous estimates 982 7,675 13,567 Discoveries and extensions 990 66,051 71,991 Production (1,336) (32,906) (40,922) End of 1991 11,014 335,121 401,205 (A) Oil stated in thousands of barrels. Gas stated in million cubic feet. Oil reserves converted to natural gas equivalents (MMcfe-million cubic feet equivalent) at rate of one barrel of oil to 6,000 cubic feet of gas. -0- 3/4/92 /CONTACT: Alan Payne of Seagull Energy, 713-951-4700/ (SGO) CO: Seagull Energy Corporation ST: Texas IN: OIL SU: ERN TQ -- NY029 -- 4884 03/04/92 10:53 EST
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|Date:||Mar 4, 1992|
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