Transocean enters BP pact, completes drilling program

Journal Record, The (Oklahoma City), Mar 22, 2000

Independent reserve studies indicate $10 million of proven producible reserves located on the properties, the Houston-based company said.

Global is negotiating additional acreage position in the Armen lease, which has two wells located in the Northeast section of the field.

With this acquisition, the company will assume virtual control of the entire East Cushing Field and will provide for a more cost efficient secondary recovery operation.

If petroleum prices maintain their current levels, the company intends to evaluate additional income producing oil and gas properties for potential acquisitions, and possibly participate in some domestic developmental drilling prospects.