FIELD ACTIVITIES / Union Pacific Resources Has Venezuela Success
UNION PACIFIC RESOURCES GROUP INC. ANNOUNCES CONTINUED SUCCESS IN
VENEZUELA
FORT WORTH, Texas, July 14 /CNW/ -- Union Pacific Resources Group
Inc. (NYSE: UPR) today announced its fifth exploratory success on the
Oritupano-Leona concession in Eastern Venezuela under PDVSA's Operating
Service Agreement. The ORI-166E is producing at 2,200 barrels of oil per day
(BOPD). The preliminary proved reserves for the new field are estimated at 13
million barrels of oil (MMBO) with additional possible reserves estimated at
22 MMBO. UPR has a 45 percent working interest in this concession.
This discovery extends UPR's series of exploratory successes identified
within a 260 square mile 3-D seismic area which was shot in 1995. Plans are
to drill two additional wells this year to further delineate the field. In
addition, a 3-D seismic survey is planned for 1999 that will complete shooting
on the concession.
"UPR is excited by the number of high quality exploratory prospects and
field extension opportunities produced by the existing 3-D survey," said Jack
L. Messman, UPR's Chairman and CEO. "Since acquiring the block in 1994, the
operating consortium consisting of UPR, Perez Companc, the operator, and Corod
de Venezuela has drilled over 100 development and exploration wells with a
100 percent success rate."
Through an aggressive drilling, reactivation and recompletion program, the
production on the block has grown from 9,000 BOPD in March, 1994 to 45,000
BOPD. The area also represents an excellent opportunity for horizontal
drilling and production optimization.
"UPR sees Venezuela as a significant growth area," said George Lindahl
III, President and COO. "The Company also owns a 50 percent operated working
interest in the West Guarico reactivation concession in the central part of
the country. A drilling program is expected to commence at West Guarico
during the third quarter of 1998 that will target prospects identified from
the 165 square mile 3-D seismic program acquired earlier in 1998." Lindahl
further said that, "UPR has a non-operated 35 percent working interest in the
Delta Centro exploratory concession where the first exploratory well is
scheduled for late this year or early 1999."
Union Pacific Resources is one of the nation's largest independent oil and
gas exploration and production companies. Based in Fort Worth, Texas, UPR has
been the #1 domestic driller for the past six years and is the #1 gas producer
in the state of Texas.
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