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

To: The Ox who wrote (58217)	1/10/2000 2:59:00 PM
From: Wowzer	Respond to of 95453

Interesting article on LIT, anyone own LIT? Monday January 10, 9:02 am Eastern Time Company Press Release Litton Sensor May Enhance Oil Recovery Up To 50% WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Jan. 10, 2000--A new fiber optic acoustic borehole receiver array has been developed by the Guidance & Control Systems division of Litton Industries (NYSE:LIT - news) that may potentially enhance oil field recovery up to 50%. In recent testing at Texaco's Kern River Oil Field in Bakersfield, Calif., data recorded with Litton's fiber optic acoustic receiver array yielded image resolution 10 times higher than has ever been achieved using surface seismic technology in an operating California oil field. ''Litton is a world leader in fiber optic sensor systems for a host of military and commercial applications,'' said Harry Halamandaris, Litton executive vice president and chief operating officer, Electronics and Information Systems. ''Our technology and expertise is proving to be quite effective in enhancing performance in the oil recovery industry. Litton's fiber optic acoustic receiver array is expected to enable oil field operators to increase their oil recovery rate from the current 20 to 30-percent level to 40 to 50-percent.'' U.S. Department of Energy estimates indicate that improved oil reservoir definition can lead to the recovery of an additional 100 billion barrels of oil in the United States alone, which, at current oil prices, represents a value in excess of $2 trillion. During the testing, Litton cooperated with Paulson Geophysical Services, Inc. a company that owns and operates a U.S. Department of Energy/oil industry ''downhole'' seismic source. Litton displayed the fiber optic acoustic borehole receiver arrays for the first time at the Annual Society of Exploration Geophysicists International Exposition in Houston in November 1999 and expects to be fielding production systems within nine months. Litton is a leader in the development and production of fiber optic systems and interconnection products. Litton divisions are developing fiber optic sensor arrays for use on nuclear submarines; producing tactical fiber optic links for video, audio and data signal transmission; designing and installing tactical fiber optic communications and shipboard internetworking systems; and building and delivering fiber optic assemblies, fiber optic active components and fiber optic interconnections for commercial and military customers. Litton is one of the nation's leading shipbuilders for the U.S. Navy and the largest builder of non-nuclear ships. Litton designs, builds and overhauls surface ships for government and commercial customers worldwide. The company is a leading information technology (IT) contractor to the U.S. government and provides specialized IT services to commercial customers and government customers in local/foreign jurisdictions. Litton provides defense and commercial electronics technology, components and materials for customers worldwide. Headquartered in Woodland Hills, the company has more than 40,000 employees, and, including the acquisition of Avondale, Litton is expected to have more than $5.5 billion in revenue. For more information, visit Litton's Web site at www.litton.com. Contact: Litton Industries Spencer Davis, 818/598-2026 (investors) Randy Belote, 703/413-1521 (media)