Benz implements new restructuring plan
Benz Energy Ltd BZG
Shares issued 34,130,683
1999-01-19 close $0.53
Wednesday Jan 20 1999
Mr. Prentis Tomlinson reports
The company has implemented a major restructuring plan to reduce its costs and streamline operations. The plan includes a 40 per cent reduction in management and staff, an increased focus on development and exploitation of existing Mississippi and Texas Gulf Coast projects and divestment of non-core properties. The 1999 restructuring program will decrease general and administrative expenses by approximately 65 per cent from 1998. Current projects under way include the completions of two development wells at Benz's Oakvale Dome discovery in Mississippi. The Howell No. 1, has reached total depth and the completion is under way. The Fortenberry No. 1, is currently drilling. Additionally, the company is completing pipeline connections to the Wausau discovery in Wayne County, Mississippi and to the East Morgantown discovery in Marion County, Mississippi. The company is also acquiring a 102-square mile 3-D survey over the Old Ocean field and is interpreting a 172-square mile survey over the Plum Grove and Rayburn projects, Liberty County, Texas.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
***********************************************************************
Nice pictures is not gonna do it for this turkey. We need GAS FLOWING TO THE PIPELINE. Nothing more & nothing less.
Based on some jive I'm hearing we will be getting news of plenty of same within a month.
Even with the warmer-than-normal weather, gas prices appear to have bottomed and are approaching $2 again. This is a clue that storage levels must have declined back to more normal levels.
Good luck to anyone still trying to get in here for < C$.60! This is now an entirely different company than it was just a few short months ago. It is now lean & mean, well positioned to wait out this downdraft in energy prices. |
