GEX.T
CALGARY, Sept. 12 /CNW/ - Genesis Exploration Ltd. today announced it is
increasing its exploration and development program to $125 million (excluding
property acquisitions) in 2000, from $110 million, an increase of 14%. This
increase will approximately parallel increased cash flow from oil and natural
gas revenues based upon a full year production average of 15,000 boe/d (an
increase of 24% over 1999).
The increase in exploration and development spending is expected to add
19,000 boe/d, up from the previous estimate of 17,500 boe/d.
"The current economic environment is exceptionally favourable for
Genesis," said Donald Sabo, Chairman. "A large high quality prospect
inventory, the right people and a healthy balance sheet will enable the
Company to deliver continued growth in production volumes, cash flow, earnings
and asset value, on a per share basis."
Additional seismic, land acquisition and infrastructure activity will be
undertaken on the Company's deeper, liquids-rich natural gas prospects in the
West Central region. This will enable first quarter drilling in 2001 to be
accelerated. At Grouard, Genesis will increase its development drilling to a
total of 19 oil wells off nine pads while initiating infrastructure and
facility construction.
Genesis Exploration Ltd. is a growth-oriented oil and natural gas company
based in Calgary. The Company's operations are concentrated in the Peace River
Arch, West Central and Northeast regions of Alberta. Genesis' shares trade on
the Toronto Stock Exchange under the symbol GEX.
This news release contains forward-looking information. Actual results
may differ. The risks, uncertainties and other factors, which could influence
actual results, are described in other documents previously filed with
regulatory authorities.
%SEDAR: 00003045E
-0- 09/12/2000
For further information: David J. Wilson, President and Chief Executive Officer, Donald J. Sabo, Chairman and Senior Vice President, (403) 266-6900, Facsimile: (403) 266-6988, E-mail: info@genesisexp.com To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
