Date: Thu, 20 Nov 1997 00:03:56 GMT Server: NeoWebScript/2.2 Apache/1.2.1 Connection: close Content-Type: text/html
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ince its inception, the company has had an ongoing acquisition program which has resulted in periodic acquisitions of natural gas and oil properties. Our most recent significant acquisition is that of the Manilla Village, Jefferson Parish, Louisiana. Acquired from Wolf Productions, Louisiana this producing area with proven reserves surmounting 300,000 BBL, proves to be yet another successful acquisition with promising future returns.
During 1994 and early 1995, natural gas and oil reserves generally available for acquisition were at usually high costs. As a result and in reaction to the market conditions, the company focused most of its activities during that period on its exploration program as opposed to the acquisition of proved developed oil and gas properties. The company took advantage of this situation and divested in selected proved producing natural gas and oil properties. The company recently sold one of its interest in the Frio/Miocene Trend, Chambers County, Texas resulting in net gains of $800,000. The company will continue to evaluate existing reserves for potential sale if economically advantageous.