Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: The Perfect Hedge who wrote (7345)	1/9/1998 1:40:00 PM
From: soozathelooza	Respond to of 95453

where's the gun.

To: The Perfect Hedge who wrote (7345)	1/9/1998 1:43:00 PM
From: David Spruiell	Respond to of 95453

Good news, for what it's worth. Kelley Oil plans higher spending HOUSTON, Jan 9 (Reuters) - Kelley Oil & Gas Corp said Friday its initial capital expenditure budget for 1998 is $62 million, compared with the initial 1997 capital expenditure budget of $38 million which was subsequently amended to $52 million. The company said the 1998 budget is allocated evenly between development and exploration. Noting most financial resources in 1996 and 1997 were devoted to development drilling in north Louisiana, chief executive John Bookout said improvements in cash flow permit increases in exploration activities in 1998. Bookout said the increased activity will be primarily focused on south Louisiana, including prospects acquired from SCANA Corp (NYSE:SCG - news). The plans balance continued development in north Louisiana with higher risk exploration that has the potential to add significant reserves, he said. The company said its 1998 exploration budget of $31 million is allocated among south Louisiana, the shallow waters of the Gulf of Mexico, Texas and New Mexico. This includes a prospect in the shallow waters of the Gulf of Mexico at Matagorda Island Blocks 619/620 offshore Texas, where Kelley holds a 100 percent working interest. The company said it may seek an industry partner in this offshore prospect, where it plans to start drilling in the first quarter. The company said it budgeted $18 million for participation in the drilling of prospects in south Louisiana, adding 20 prospects have been identified which vary in depth and cost. The number of south Louisiana prospects drilled in 1998 will depend upon, among other things, the working interests retained by the company, which typically will not exceed 50 percent, it said. The 1998 development budget of $31 million provides for the drilling of 44 gross (21.0 net) wells in north Louisiana, where the company believes it has at least a two year inventory of economic drill sites at this pace, it said. Of 78 gross (33.3 net) development wells drilled in 1997 in north Louisiana, 71 gross (29.3 net) have been completed as producers and seven gross wells (4.0 net) are currently in progress, Kelley Oil said. The 1998 development budget also provides for several recompletions and other proved undeveloped locations, some of which are on properties recently acquired from SCANA. <<< I have true empathy for the people on the Titanic >>> Long UTI David