EEX...Well no buyout...
July 23, 1999 12:32
EEX Will Suspend Operations On George Prospect
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HOUSTON--(BUSINESS WIRE)--July 23, 1999--EEX Corporation (NYSE:EEX)
has completed operations on its George Prospect in Mississippi Canyon Block
442. The well, which was drilled to a depth of approximately 22,000 feet,
encountered hydrocarbons in non-commercial quantities. The well will be
plugged and abandoned. After completing work on the well, the
semi-submersible drilling rig C. Kirk Rhein will be released. EEX operated this
well with a 70% interest.
Additionally, earlier this month, EEX began drilling on its Mackerel prospect at
Mississippi Canyon Block 620 in the deepwater Gulf of Mexico. This well will
test Lower Pliocene and Miocene aged sands located approximately at 15,000
feet.
EEX Corporation is an oil and natural gas exploration and production company
with activities focused in Texas, the Gulf of Mexico and Indonesia.
This report includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Although EEX believes that its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be
achieved. Important factors that could cause actual results to differ materially
from those in the forward-looking statements include political developments in
foreign countries, federal and state regulatory developments, the timing and
extent of changes in commodity prices, the timing and extent of success in
discovering, developing and producing or acquiring oil and gas reserves, and
conditions of the capital and equity markets during the periods covered by the
forward-looking statements. EEX's periodic reports filed with the Securities and
Exchange Commission include a discussion of important factors that could
cause actual results to differ materially from those indicated in forward-looking
statements.
For additional information, call 1-888-EEX-NEWS, or visit our Website at
eex.com
CONTACT: EEX Corporation, Houston
John A. MacDonald, 713/243-3111
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