Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Douglas V. Fant who wrote (81384)	12/12/2000 4:55:33 PM
From: Think4Yourself	Read Replies (1) of 95453

heh, heh, heh! Need I say more? Mitchell follow-up drilling raises production NEW YORK, Dec 12 (Reuters) - Natural gas producer Mitchell Energy & Development Corp. (NYSE:MND - news), said on Tuesday drilling in two of its Texas Gulf Coast exploratory sites had increased natural gas and oil production and reserves. The Houston-based company said in a statment that follow-up drilling at the Lower Wilcox and Lake Creek sites had increased production of natural gas by about 30 million cubic feet and oil production by 550 barrels per day. ``Discovery of the Lower Wilcox and Lake Creek area wells is another example of our ability to combine 3-D seismic technology with our extensive knowledge in core field areas to add new reserves,'' Chairman and Chief Executive Officer George Mitchell said. The company said it estimated the reserve potential in the two sites at 80 billion equivalent cubic feet of natural gas. Mitchell said it owned a 100 percent working interest in each area. Mitchell shares closed down 1/4 at $57-7/8 on the New York Stock Exchange. The stock has a 52-week range of $20-1/4 to $58-7/8.

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