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(Printer friendly version) Mission Resources Announces New Discovery, Recompletion Success and Reaffirms 2004 Production Guidance
HOUSTON, May 4, 2004 (BUSINESS WIRE) -- Mission Resources Corporation
(Nasdaq: MSSN) announced today that the
#1 Barry well in DeWitt County, Texas,
has been completed and tested at a gross rate of 10.7 million cubic feet of gas
per day (MMcf/d). Gas production from the well is expected to commence mid-May
2004 at an initial gross rate of approximately 13 to 15 MMcf/d. Additional pay
zones will be completed after depletion of the existing zones. Mission Resources
holds a 25% working interest in the
#1 Barry well and on its proportionate share
of 1,776 net acres on the prospect. Several offset locations are being reviewed
for further development in the near future.
Mission has also successfully recompleted the High Island Block A-553 #A-7 well,
located offshore Texas in federal waters. The well is expected to reach a
combined gross production rate of approximately 15 to 18 million cubic feet of
gas equivalent. Mission holds a 36.6% working interest in High Island Block
A-553 and operates the property. Additional recompletion and drilling
opportunities exist on this block.
"We are pleased with the results of these two wells and continue on track for
our production guidance for 2004," commented Robert L. Cavnar, Chairman,
President and Chief Executive Officer. "With the success of these two wells, our
production mix is now over 60% natural gas, which brings us closer to our target
of 70% natural gas."
Mission Resources Corporation is a Houston-based independent exploration and
production company that drills for, acquires, develops and produces natural gas
and crude oil primarily in the Permian Basin (in West Texas and Southeastern New
Mexico), along the Texas and Louisiana Gulf Coast and in both the state and
federal waters of 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
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