RRC news:
LEXICO REACHES AGREEMENT IN ACQUISITION OF MICHIGAN EXPLORATION, INC. INTERESTS
ENGLEWOOD, Colo., Sep 28, 1999 /PRNewswire via COMTEX/ -- Lexico
Resources International Corporation (OTC Bulletin Board: LXXI)
announced it has reached agreement with Michigan Exploration, Inc.
("MEI"), a private corporation, to acquire MEI's interests in an
ongoing exploration and development program in Michigan. MEI's working
interest ranges from 11.25% to 75% in various Niagaran Reef prospects.
Over 30 Niagaran Reef prospects have been identified from extensive
seismic data. Joint venture acreage exceeds 30,000 acres within the
area of mutual interest. The program is conducted under the
operatorship of Oceana Exploration Company, L.C., a subsidiary of Range
Resources Corporation.
The joint MEI/Oceana program has drilled two wells to date, which
currently produce a total of approximately 11 million scf/day and 250
barrels of oil per day after one year of production in which
approximately 5 BCF of gas have been produced.
Although Lexico participates only in future activities, Lexico believes
the success to date establishes the effectiveness of the program at
bringing production on line for early payback of investment,
establishing early cash flow, and the overall attractive economics of
the program.
"We have extended our period for completing our merger with MEI,
announced previously, to allow resolution of some outstanding issues
related to the mechanics of the merger. In the meantime, by acquiring
MEI's rights in this joint venture now, we can enjoy early
participation in the upside and success of this program and many of the
other benefits we anticipate from the merger," said Charles Kohlhaas,
President of Lexico.
Lexico Resources International Corporation, headquartered in Englewood,
Colorado, is an independent oil and gas exploration and development
company. Lexico has secured the rights to develop certain natural gas
properties in the Uintah Basin in Utah and owns 50% of United Stratum
AUS.Pty, an Australian firm with interest in oil and gas concessions in
the Pacific Rim. Lexico is traded on the OTC Bulletin Board under the
symbol "LXXI".
The discussion herein contains forward looking statements regarding the
Company, its business, prospects and results of operations that are
subject to certain risks and uncertainties posed by many factors and
events that could cause the Company's actual business, prospects and
results of operations to differ materially from those that maybe
anticipated by such forward-looking statements. Factors that may affect
such forward-looking statements include, without limitations: the
Company's ability to successfully develop new products for new markets;
the impact of competition on the Company's revenues, changes in law or
regulatory requirements that adversely affect or preclude customers
from using the Company's products for certain applications; delays in
the Company's introduction of new products; and failure by the Company
to keep pace with emerging technologies.
When used in this discussion, words such as "believes", "anticipates",
"expects", "intends" and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of
identifying forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes no
obligation to revise any forward- looking statements in order to
reflect or circumstances that may subsequently arise.
Lexico's news releases and other information about the Company can be
found on the Company's Website at LXXI.com.
For additional information contact: Charles Kohlhaas, President, Or
Dennis Murphy, Manager of Investor Relations at 303-792-0416
SOURCE Lexico Resources International Corporation
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
CONTACT: Charles Kohlhaas, President, or Dennis Murphy, Manager of
Investor Relations, of Lexico, 303-792-0416
WEB PAGE: lxxi.com
GEOGRAPHY: Colorado
INDUSTRY CODE: OIL
SUBJECT CODE: TNM
OTC
|
