Louis Dreyfus Natural Gas announces 2000 drilling budget

Dec 06, 1999 01:00 AM

Louis Dreyfus Natural Gas Corp. announced that its Board of Directors approved an exploration and development budget of $ 210 mm for calendar year 2000, a 53 % increase from the $ 135 mm estimated to be invested in drilling activities in 1999. The Company intends to fund the 2000 drilling program from operating cash flows. Proved reserve acquisitions are expected to add approximately $ 50 mm to the 1999 capital program. A budget for reserve acquisitions in 2000 has not been established.
The Company's exploration and development plans include regional allocations of $ 104 mm to the Texas Gulf Coast, $ 62 mm to the Permian Basin in West Texas and south-eastern New Mexico, and $ 44 mm to the Mid-Continent Region. About 30 % of the budget is dedicated to exploration drilling, acreage acquisitions and seismic surveys.
Mr. Mark Monroe, CEO commented, "Last year's capital program has been very successful. Not only do we expect to report year-over- year production and reserve growth, we will also reduce our debt from 1998-end's level. Our 2000 drilling program has an excellent blend of low risk development and high impact exploration projects and we are anticipating another year of superior drilling results."

Source: Louis Dreyfus via PRNewswire
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