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: shust who wrote (28563)	8/28/1998 9:26:00 PM
From: Broken_Clock	Read Replies (1) of 95453

Basin Exploration ups 1998 budget DENVER, Aug 28 (Reuters) - Basin Exploration Inc. said Friday it had its revolving line of credit expanded and its exploration and development budget increased for the remainder of the year. The oil and gas company said in a statement its bank group rose its borrowing base from $75 million to $90 million after reviewing its reserves. It also said its board of directors approved an increase in its 1998 budget for exploration and development to $110 million from about $80 million. ''Approximately one-half of the increase is intended to be utilized for development of proved properties, including current year discoveries,'' it said. ''The remainder has been provided for increased investments in prospect inventory and exploratory drilling, in order to capitalize on recent declines in drilling costs in the Gulf of Mexico, where certain rig and supply boat rates have declined by more than 50 percent from peak levels seen earlier in the year,'' it said. Basin Exploration operates in the United States, including the Gulf of Mexico.

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