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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (47193)	7/1/1999 12:13:00 PM
From: The Ox	Respond to of 95453

EXCO Acquires Properties From Apache DALLAS, July 1 /PRNewswire/ -- EXCO Resources, Inc. (Nasdaq: EXCO) ("EXCO") announced the completion of the purchase of certain oil and gas properties located in the Vernon field, Jackson Parish, Louisiana, jointly with Venus Exploration, Inc. from Apache Corporation (NYSE: APA) for $28.5 million. The Purchase Agreement has an effective date of March 1, 1999. The properties include approximately 8,400 net leasehold acres and 18 gas wells, together producing in excess of 6,500 Mcf of gas per day. The properties were purchased by a Joint Venture owned 50% by EXCO and 50% by Venus. EXCO will assume operations of the properties from Apache and will be manager of the Joint Venture's assets, books and records. The Joint Venture plans to commence drilling two development wells before year end 1999. Two of the wells are subject to preferential rights to purchase Apache's interest by an unrelated third party. EXCO has arranged a $50.0 million senior credit facility for the Joint Venture from a commercial bank in connection with the acquisition to fund a portion of the purchase price and future development. EXCO Resources, Inc. is an oil and gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas and Louisiana. EXCO's stock is traded on the Nasdaq NMS under the symbol EXCO. This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 2lE of the Securities Exchange Act of 1934. Those forward-looking statements address such matters as discovery of oil pays, which are geological conclusions drawn from preliminary test data on non-proven drilling locations and production growth and discovery potential from undrilled wells. Although these statements are based on the data available at the time this material was prepared and although EXCO believes that the expectations are based on reasonable assumptions, we can give no assurance that the goals will be achieved, or that the conclusions will be supported by actual future production or drilling success. Important factors that could cause actual results to differ materially from those in the forward-looking statements include federal and state regulatory developments, the timing and extent of changes in commodity prices, the timing and extent of success in acquiring leasehold interests, developing and producing oil and gas reserves, geological uncertainties and conditions of the capital and equity markets during the periods covered by the forward-looking statements. Additional information about EXCO Resources, Inc. may be obtained by contacting the Company's President, Ted Eubank, at EXCO's headquarters, 5735 Pineland Drive, Suite 235, Dallas, Texas 75231, telephone number 214-368-2084. SOURCE EXCO Resources, Inc. CO: EXCO Resources, Inc.; Venus Exploration, Inc.; Apache Corporation ST: Texas, Louisiana IN: OIL SU: RLE 07/01/99 11:35 EDT prnewswire.com

To: Crimson Ghost who wrote (47193)	7/1/1999 12:28:00 PM
From: IndioBlues	Respond to of 95453

FLC lost a barge R&B Falcon Corporation (NYSE: FLC - news) announced today that the inland drilling barge ''Rig 16'' was lost as a result of a blowout and fire at a location in inland waters approximately two miles southeast of Amelia, Louisiana. No injuries were sustained by personnel. The company believes that the physical damage insurance coverage in place on the unit is adequate and that such loss will not have a material adverse impact on the Company's financial condition.