Gruss E.
MISSION RESOURCES CORP - Nasdaq National Market: MSSN
Consolidated Real-time Market Quote*
Last | Change (%) | After Hours Chg (%)** | Bid | Ask | Trade Time |
2.84 | quotes.freerealtime.com/gra/uparrow1.gif" style="max-width:560px" > 0.419 (17.31) | quotes.freerealtime.com/gra/uparrow1.gif" style="max-width:560px" > 0.06 (2.16) | 0 (0) | 0 (0) | 17:37 |
Exchange Quote
Last | Change (%) | Bid (size) | Ask (size) | Trade Time |
2.78 | quotes.freerealtime.com/gra/uparrow1.gif" style="max-width:560px" > 0.359 (14.83) | 0 (0) | 0 (0) | 15:59 |
Day Volume | Last Size | Open | High | Low |
1,051,196 | 300 | 2.47 | 2.78 | 2.44 |
Latest Ticks | # of Trades | Avg Trade Size | VWAP | 52 Wk High |
==-+ | 1,176 | 894 | 2.6328 | 2.65 |
52 Wk Low | Prev Close | Avg Day Vol | | |
0.22 | 2.421 | 522,400 | | |
1:23:19 AM EDT - Wednesday, October 8, 2003- Exchange quote is delayed at least 15 minutesLatest News
--------------------------------------------------
Mission Resources to Sell East Texas Properties for $21.5 Million; Updates Drilling Progress
HOUSTON, Oct 1, 2003 (BUSINESS WIRE) -- Mission Resources Corporation
(Nasdaq: MSSN) announced that it has signed a definitive agreement to sell all of
its East Texas assets to Danmark Energy for $21.5 million. All of the properties
in this region are in the East Texas Field, a mature oil field with relatively
high unit operating costs. Net production associated with these properties is
approximately 1,150 barrels of oil equivalent per day from 180 wells with
current estimated reserves of 4.0 million barrels of oil equivalent. The Company
intends to use the proceeds to acquire Gulf Coast or South Texas natural gas
properties. The sale is expected to close in late October.
"This asset sale helps move Mission closer to meeting its corporate goals of
lowering overall lifting costs and changing our asset mix to primarily natural
gas from primarily oil," said Robert L. Cavnar, Mission's chairman, president
and chief executive officer. "In addition, re-deploying the sales proceeds will
enable Mission to focus on regions where we have unique expertise."
The Company believes that new production volumes coming on from the 2003
drilling program will more than offset production lost from the sale properties
and thus overall production guidance for 2003 remains unchanged. Additionally,
this sale, combined with new production, will improve the Company's production
mix from approximately 39% gas in the second quarter of 2003 to approximately
50% gas by the end of the year.
Mission also announced further details regarding its 2003 13 well drilling
program. Seven of nine wells drilled so far have been successful, four are in
various stages of drilling/completion, and one is scheduled to spud in late
October. Information on two recently completed wells and updates on five other
wells is set forth below:
-- Phillip LeBlanc
#1, Vermilion Parish, La. Status: Completing.
This well has been completed in the Camerina 2 sand and is
currently being completed in the Marg howei sand. The Camerina
2 zone flowed at a gross rate of 2.0 million cubic feet of gas
per day ("MMcf/d"). After perforating, the Marg howei zone
flowed at a restricted rate of nearly 5.0 MMcf/d and 120
barrels of oil per day ("BO/d") at approximately 8,000 PSI
flowing tubing pressure. The well is designed as a dual
completion allowing for simultaneous production from both
zones depending on ultimate deliverability estimates for the
Marg howei sand. First production to sales is expected during
October at an anticipated initial gross rate of 10 - 20
MMcf/d. Mission holds a 77% working interest in the Marg howei
zone and a 68% working interest in the Camerina 2 zone.
-- The Bluntzer
#1, Goliad County, Texas. Status: Completing.
This well was drilled to a total depth of 15,900 feet and
production casing has been set to total depth for completion
testing of the Lower and Middle Wilcox indicated gas zones.
Testing will begin late this month. Mission holds a 20%
working interest in this discovery.
-- Black Stone No.1, Hidalgo County, Texas. Status: Completing.
Mission participated for its 30% working interest and has
drilled to a total depth of 18,500 feet to test Vicksburg
objectives. The well has been perforated and fracture
stimulated, and is being prepared to flow back.
-- Davis
#26-3 well, Cameron Parish, La. Status: Drilling. The
Company is drilling ahead at 11,900 feet. This 15,000 foot
well will test targets in the Abbeville 2 sand as the primary
objective with secondary potential in the Abbeville 1a sand.
Mission operates this well and holds a 50% working interest to
casing point and a 57% working interest thereafter.
-- JL&S Well No. 146, St. Martin Parish, La. Status: Drilling.
Currently at approximately 4,000 feet, this West Lake Verret
development well will be drilled to a total depth of 7,900
feet where it will test the Miocene age "N", "O" and "Q"
sands. Mission is operator and holds a 100% working interest.
-- A-11/C-5 Wells - South Marsh Island Block 142 Field. Status:
Rig Onsite. Mission is participating in two wells in this
offshore Gulf of Mexico block. The A-11 well is scheduled to
spud later this month and will be drilled to a depth of 9,340
feet to test multiple gas objectives. The C-5 well will be
drilled in late October to a depth of 9,300 feet to test
multiple gas zones. Mission holds a 31% working interest in
these wells.
Mission also announced that it recently added personnel to its exploration team
to expand the Company's capabilities in its core exploration areas of South
Texas and the Gulf Coast. The team, lead by Jack Eells, senior vice president,
Exploration and Geoscience, is now made up of three geophysicists, two
geologists and support staff. All of the geoscience staff members have extensive
exploration and development experience in the Gulf Coast with emphasis in South
Texas using the latest in seismic interpretation technology.
Mission Resources Corporation is a Houston-based independent exploration and
production company that drills for, acquires, develops, and produces natural gas
and crude oil in the Permian Basin of West Texas, along the Texas and Louisiana
Gulf Coast and in the Gulf of Mexico.
This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Among those risks, trends and
uncertainties are our estimate of the sufficiency of our existing capital
sources, our ability to raise additional capital to fund cash requirements for
future operations, the uncertainties involved in estimating quantities of proved
oil and natural gas reserves, in prospect development and property acquisitions
and in projecting future rates of production, the timing of development
expenditures and drilling of wells, and the operating hazards attendant to the
oil and gas business. In particular, careful consideration should be given to
cautionary statements made in the various reports the Company has filed with the
Securities and Exchange Commission. Mission undertakes no duty to update or
revise these forward-looking statements.
SOURCE: Mission Resources Corporation
CONTACT: Mission Resources Corporation, Houston
Ann Kaesermann, 713-495-3100
investors@mrcorp.com
URL:
www.businesswire.comToday's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
KEYWORD: TEXAS LOUISIANA
INDUSTRY KEYWORD: ENERGY
OIL/GAS