Printer Friendly

TORCH ENERGY ADVISORS INCORPORATED ANNOUNCES PURCHASE FROM ENRON OIL & GAS COMPANY FOR $13.3 MILLION

 HOUSTON, April 19 /PRNewswire/ -- Torch Energy Advisors Inc. (Torch), on behalf of its institutional investors, today announced the purchase of 100% working interest in fifteen producing wells along with approximately 5,887 total net acres located in Zapata County, Texas, from Enron Oil & Gas Co. for approximately $13.3 million.
 Torch said the properties are located in the La Rica Field, an area having strong historical production from the Queen City Zone at 2,000 feet through the Middle Wilcox section below 9,000 feet. The properties have producing, non-producing (behind pipe) and undeveloped reserve potential from the Middle Wilcox up to the Queen City. The properties are further enhanced by Section 29 tight sands gas tax credits. Current net daily production from the properties is 10.5 million cubic feet of gas. Proved net reserves are 16.9 billion cubic feet of gas and 9,600 barrels of condensate.
 Torch, headquartered in Houston, is a subsidiary of Torchmark Corp. (NYSE: TMK), an insurance and diversified financial services holding company based in Birmingham, Ala. Torch is the largest manager of institutional oil and gas assets in North America.
 -0- 4/19/94
 /CONTACT: Molly C. Jones, Communications Director, Torch Energy Advisors, 713-753-1343/
 (TMK)


CO: Torch Energy Advisors, Inc. ST: Texas IN: OIL SU: TNM

PW-BN -- AT019 -- 7141 04/19/94 16:34 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1994
Words:223
Previous Article:ACTAVA GROUP ANNOUNCES ELECTION OF JOHN D. PHILLIPS AS CHIEF EXECUTIVE OFFICER
Next Article:TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS
Topics:

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