Business Services Industry
Global Natural Resources commences oil & gas production from High Island Block A-442
Business Wire, Dec 20, 1995
HOUSTON--(BUSINESS WIRE)--Dec. 20, 1995--Global Natural Resources Inc. (NYSE:GNR) along with Santa Fe Energy Resources (NYSE:SFR) announced today the initiation of oil and gas production from High Island Area Block A-442 Federal Waters Offshore Texas.
The corporation has a 45.45% working interest in this block with Santa Fe Energy Resources as the operator owning the remainder. First production occurred on December 14: the current production rate is 2,135 barrels of oil per day (BOPD) and 12,100 thousand cubic feet of gas per day (MCFGPD). Production rates are expected to reach 5,000 BOPD and 17,500 MCFGPD. Additional development and exploratory drilling from the platform is anticipated in the first half of 1996.
Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing. The company has operations and interests in North America, Tatarstan - Russia, Indonesia, Malaysia, the Ivory Coast and Egypt.
CONTACT: Global Natural Resources, Inc., Houston
Robert F. Vagt or Darrell G. Molnar, 713/880-5464
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