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

To: Big Dog who wrote (45615)	5/28/1999 10:14:00 AM
From: Think4Yourself	Respond to of 95453

Once again FGI getting leaned on. Did those merger discussions start when the large short position was taken?? GIFI down too. perhaps investors are saying no one should pick up HLX?

To: Big Dog who wrote (45615)	5/28/1999 10:18:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Nuevo Abandons Well at Midway Peak Prospect in California HOUSTON, May 28 /PRNewswire/ -- Nuevo Energy Company (NYSE: NEV) has elected to abandon the Cree Fee 1A Well at Midway Peak Prospect in Kern County, California, the Company announced today. After testing five zones in the Cree Fee 1A Well that showed non-commercial quantities of hydrocarbons, poor casing integrity prevented testing a final zone. Nuevo drilled the Cree Fee 1A Well to a total depth of 17,156 feet. Dry hole costs for the Cree Fee 1A Well are estimated to be approximately $7 million net to Nuevo's interest and will be reported in the second quarter of 1999. Nuevo Energy Company is a Houston, Texas-based Company primarily engaged in the exploration for, and the acquisition, exploitation, development and production of crude oil and natural gas. Nuevo's principal domestic properties are located onshore and offshore California and onshore the Gulf Coast region. Nuevo is the largest independent producer of oil and gas in California. The Company's international properties are located offshore the Republics of Congo and Ghana in West Africa. This press release includes "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. All statements other than statements of historical facts included in this press release, including without limitation, business strategies, estimated reserves and production volumes, plans and objectives of management of the Company for future operations, and capital expenditures are forward-looking statements. Although the Company believes that the assumptions upon which such forward-looking statements are based are reasonable, it can give no assurances that such assumptions will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations ("Cautionary Statements") and projections include volatility in oil and gas prices, operating risks, the risks associated with reserve replacement, competition from other companies and other factors set forth in the Company's Annual Report on Form 10-K filed with the SEC and incorporated herein. All subsequent written and oral forward-looking statements and projections attributable to the Company or to persons acting on its behalf are expressly qualified by the Cautionary Statements. SOURCE Nuevo Energy Company CO: Nuevo Energy Company ST: Texas, California IN: OIL SU: 05/28/99 06:00 EDT prnewswire.com