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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Thean who wrote (14142)3/9/1998 9:13:00 AM
From: Ronald J. Clark  Read Replies (1) of 95453
 
Ranger Oil is reducing its exploration budget and included in the reduction is the gulf of mexico.

Friday March 6, 8:36 pm Eastern Time

Company Press Release
SOURCE: Ranger Oil Limited
Ranger Oil Reduces 1998 Capital Expenditure Program

CALGARY, March 6 /CNW-PRN/ - Ranger Oil announced today that its 1998
Capital Expenditure Program has been reduced by US$50 million in light
of lower oil prices.

The revised program of US$235 million includes continuation of the major
development activity in the North Sea and Angola scheduled for 1998.
High-impact exploration drilling in the North Sea and the Northwest
Territories in Canada is also unaffected. The expenditure reduction is
in North America with lower exploration spending in Canada and the U.S.
Gulf of Mexico and minimal expenditure for heavy oil.

The revised program reflects the sharp drop in world oil prices since
November 1997 and the consequent impact upon the Company's forecast
revenues for 1998. In 1999 revenues and cash flow will be significantly
higher as a result of the new production coming on stream in the North
Sea and Angola.

In addition to the capital reduction, the Board of Directors of the
Company have decided not to declare an annual dividend for the year
1997.
ISSUED BY: F. J. Dyment
President and Chief Executive Officer

Ron Clark
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