Planned sale of Spirit Energy 76's Michigan oil and gas assets terminated
Sugar Land, Texas, Dec. 16, 1998 -- Spirit Energy 76, Unocal Corporation's Lower 48 exploration and production unit, today said that its agreement to sell substantially all of its oil and gas assets in Michigan to Newstar Energy USA, Inc. and Omimex Energy Inc. has terminated in accordance with its own terms and conditions.
Spirit Energy 76 has net production of about 180,000 BOE per day and operates 330 offshore platforms with 2,700 active wells in 355 fields in the Gulf of Mexico region. The unit employs approximately 1,300 people.
Forward-looking statements regarding exploration activities, future production, drilling success and capital spending in this news release are based on assumptions concerning market, competitive, regulatory, environmental, operational and other considerations. Actual results could differ materially.
Updated: December 1998