Basin reports discovery on West Cameron 278
NOTE: The following news release was issued by Basin Exploration, Inc.
Denver, Dec. 10, 1998 -- Basin Exploration, Inc. (Nasdaq: BSNX) today announced that it has participated in an apparent ga]/condensate discovery well in the Gulf of Mexico on West Cameron Block 278. The company owns a 30% working interest in the well, which is operated by Spirit Energy 76, Unocal Corporation's Lower 48 exploration and production business unit.
The West Cameron Block 278 No. 1 well logged more than 50 net feet of pay in its primary objective, a Miocene-aged sand below a true vertical depth of 13,750 net feet. Production casing has been set and current plans are to temporarily suspend the well pending completion and connection to existing production facilities nearby on West Cameron Block 279. First production is expected to occur by mid-1999.
Year-to-date, Basin has participated in drilling 17 wells in the Gulf of Mexico, including 11 apparent discoveries.
Basin Exploration, Inc. is an independent oil and [gas] company engaged in development, exploration, exploitation, acquisition and production operations in the United States, including the Gulf of Mexico. The company's securities are traded on the Nasdaq stock market under the symbol BSNX.
Certain statements in this news release regarding planned or anticipated development and production activities are "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently uncertain and activities undertaken or results achieved may differ materially from those projected. Certain factors that can affect projected activities or results are described in the company's filings with the Securities and Exchange Commission and include, among others, operational risks inherent in the offshore environment, uncertainties inherent in the estimation of proved reserves, uncertainties inherent in projections of amounts and timing of future production rates and development costs, and uncertainties related to future oil and [gas] prices and the availability of external capital resources. The company has no obligation to update the statements contained in this report or to take action that is described herein or otherwise presently planned. Source Basin Exploration, Inc.
Updated: December 1998