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

To: oilbabe who wrote (56135)	12/6/1999 9:19:00 AM
From: Ronald J. Clark	Respond to of 95453

RE: 2000 Capex Budgets: Louis Dreyfus Natural Gas Announces 2000 Drilling Budget OKLAHOMA CITY, Dec. 6 /PRNewswire/ -- Louis Dreyfus Natural Gas Corp. (NYSE: LD) today announced that its Board of Directors approved an exploration and development budget of $210 million for calendar year 2000, a 53% increase from the $135 million estimated to be invested in drilling activities in 1999. The Company intends to fund the 2000 drilling program from operating cash flows. Proved reserve acquisitions are expected to add approximately $50 million to the 1999 capital program. A budget for reserve acquisitions in 2000 has not been established. The Company's exploration and development plans include regional allocations of $104 million to the Texas Gulf Coast, $62 million to the Permian Basin in West Texas and southeastern New Mexico, and $44 million to the Mid-Continent Region. About 30 percent of the budget is dedicated to exploration drilling, acreage acquisitions and seismic surveys. Mr. Mark Monroe, Chief Executive Officer commented, "This year's capital program has been very successful. Not only do we expect to report year-over- year production and reserve growth, we will also reduce our debt from last year-end's level. Our 2000 drilling program has an excellent blend of low risk development and high impact exploration projects and we are anticipating another year of superior drilling results." This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Louis Dreyfus Natural Gas is an independent energy company engaged in the acquisition, development, exploration, production and marketing of natural gas and crude oil. Internet address: ldng.com. SOURCE Louis Dreyfus Natural Gas Corp. CO: Louis Dreyfus Natural Gas Corp. ST: Oklahoma IN: OIL