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To: alchemy who wrote (2486)	2/6/1998 4:44:00 PM
From: timemizer	Read Replies (1) \| Respond to of 4736

Found this interesting.. Friday February 6, 10:00 am Eastern Time Company Press Release SOURCE: Union Pacific Resources Group Inc. Union Pacific Resources Purchases $62 Million of Producing Properties FORT WORTH, Texas, Feb. 6 /PRNewswire/ -- Union Pacific Resources Group Inc. (NYSE: UPR - news) today announced that the Company has invested over $62 million to purchase three packages of producing properties in Texas and Louisiana. The properties are located in existing core areas of UPR operations and include both current production and future drill sites. ''By purchasing these producing properties, it allows UPR to get a quick start toward its aggressive growth targets for 1998,'' said Jack L. Messman, UPR's Chairman and CEO. ''Our plan for 1998 is to add shareholder value by continuing to grow our production volumes through the drillbit and through selective purchases of producing properties. Today's announcement combined with our recently announced tender offer to acquire Norcen Energy Resources demonstrates our commitment to profitable volume growth.'' The first package, which closed December 30, 1997, was purchased from Helmerich & Payne, Inc. (H&P) for $10.6 million and includes properties located in various parishes of the Louisiana extension of the Austin Chalk. The purchase includes 40 producing wells in which UPR has purchased H&P's average working interest of approximately 12 percent. Furthermore, the Company will gain 18 additional drill sites and will receive H&P's 5 percent interest in the Masters Creek Gas Processing Plant which UPR operates in Vernon Parish, Louisiana. This will increase UPR's working interest in the plant to approximately 62 percent. >>>>> READ ON ABOUT THE PURCHASE OF 3-D SEISMIC DATA...WHO FROM The second purchase was from Tri-C Resources and closed January 23, 1998, with an effective date of December 1, 1997. The purchase price was $36.8 million and is subject to post closing and due diligence adjustments. This property includes Tri-C's interest in the Northeast Weesatche Field located in Goliad County, Texas. UPR purchased 10 producing wells with a working interest of 100 percent and producing 12.5 million cubic feet equivalent per day (MMcfed) of natural gas. Along with the producing wells, the transaction includes approximately 3,900 net acres of land, eight drill sites and 13 recompletion opportunities. In a separate transaction, UPR will acquire 245 square miles of 3-D seismic data to exploit exploration opportunities on approximately 23,000 acres which the Company has under lease or lease option in the area contiguous to the Tri-C properties. The third purchase involved properties owned by Texaco Exploration and Production. The transaction closed on January 30, 1998 for $14.5 million. The 41 wells are located in the Brookeland Field in Jasper and Newton counties, Texas and have an average net revenue interest of 46.5 percent. The wells are currently producing approximately 9 MMcfed net. Seven new drill sites and approximately 84,000 net acres of land are part of this package. UPR also acquired operatorship and Texaco's 75 percent interest in the Brookeland Gas Plant. Union Pacific Resources is one of the nation's largest domestic independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past 6 years. This press release, other than historical financial information, contains forward looking statements that involve risks and uncertainties including planned construction and drilling activity, expected production efforts and volumes and budgeted capital expenditures and other risks and uncertainties detailed in the Company's SEC reports, including the report on Form 10-Q for the quarter ended September 30, 1997. Actual results may vary materially. SOURCE: Union Pacific Resources Group Inc.