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

To: Wowzer who wrote (65412)	4/27/2000 7:04:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

LT is not exactly known for his timing!!! For that matter, I see he's no longer known as LT anymore! Now, he's just L<vbg>. I could see someone shorting FLC in the low 20s for a flip but not in the teens.....

To: Wowzer who wrote (65412)	4/27/2000 7:04:00 PM
From: Brian	Respond to of 95453

Petroleum Development Corporation (PETD) Announces $5.65 Million Acquisition; PDC Now Operates More Than 2,000 Wells Thursday April 27, 2:21 pm Eastern Time biz.yahoo.com Company Press Release SOURCE: Petroleum Development Corporation BRIDGEPORT, W.Va., April 27 /PRNewswire/ -- Petroleum Development Corporation (Nasdaq: PETD - news) today announced that it signed an agreement to purchase all of the working interest in 168 producing wells in the D-J Basin of Colorado for $5.65 million, to be funded by PDC's existing line-of-credit. In addition, the company also acquired 42 net development drilling locations in the same area. The effective date of the transaction is April 1, 2000. PDC will operate the 168 wells, bringing the total wells operated by the company to over 2,000. The company estimates that the 168 producing wells, completed primarily in the Codell and Niobrara formations, have proved developed reserves of 560,000 barrels of oil and 4.9 billion cubic feet (Bcf) of natural gas, or 8.3 Bcf equivalent (Bcfe), with another 10.7 Bcfe of proved undeveloped reserves. There are a number of Codell recompletion candidates, and several wells have undeveloped behind-pipe reserves in the Niobrara formation. In addition, the companies have reached agreement providing PDC with rights to develop up to 50 additional drilling locations on adjacent acreage. These locations are not included in the above reserve figures. Steven R. Williams, PDC's President said, ``This transaction expands our oil and gas production operations and drilling inventory in the D-J Basin. The producing wells add an estimated 940 million cubic feet equivalent to our annual sales, about 17 percent of our current production. With the acquisition, we expect year-2000 oil and gas production to total about 5.75 Bcfe, a 60 percent increase over 1999's total of 3.5 Bcfe. Further, the deal is immediately accretive to earnings and cash flow per share.'' Petroleum Development Corporation is a fast-growing regional independent energy company engaged primarily in the development, production and marketing of natural gas in the Appalachian Basin, the Rocky Mountains, and Michigan.