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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU) -- Ignore unavailable to you. Want to Upgrade?

To: Toni Wheeler who wrote (449)	8/25/1999 12:39:00 PM
From: Toni Wheeler	Respond to of 686

another 'partner'... <<<Vastar, Occidental Find Oil in Gulf of Mexico Waters Houston, Aug. 19 (Bloomberg) -- Vastar Resources Inc., an oil and natural-gas explorer, said a well drilled with partner Occidental Petroleum Corp. found oil in the deep waters of the Gulf of Mexico. Vastar, which is majority owned by Atlantic Richfield Co., said the companies will appraise the oil find by drilling more wells, one off the discovery well, and another a mile to the east. Vastar has a two-thirds stake in the field it's drilling, and Occidental holds the rest. The area lies in 5,400 feet of water about 50 miles east of the lower Mississippi River delta. The deep-water discovery is Vastar's third since the Houston- based company started drilling wells in the Gulf of Mexico in late 1997. It's drilled four wells so far, and plans to drill or participate in four to six deep-water wells a year. Vastar's two other discoveries include one on the King prospect, which is expected to start production during the first half of 2000, and on the Mirage prospect, which still requires appraisal drilling. Atlantic Richfield owns 82 percent of Vastar, with had $887 million in sales last year. Vastar is active in more than 100 producing fields in the Gulf of Mexico and elsewhere in the U.S. Shares of Vastar rose 2 to 69 15/16, while Los Angeles-based Occidental rose 3/8 to 20 3/8. Aug/19/1999 16:25 >>> Uhh....is PQUE 'deep-water' operator??