Fidelity Oil Group of Bismarck, ND, the E&P unit of MDUResources Group Inc., production has grown at an average rate ofmore than 10%/year for the last 10 years while reserves have grownat an average rate of more than 8%/year, net of ongoing production.Gas reserves have increased most significantly, growing to morethan 110 Bcf in January after Fidelity’s acquisition of propertiesin Louisiana, Texas, Oklahoma, and Mississippi. The company targetsboth onshore and offshore properties in many of the major basins.Fidelity operations stretch from Canada through the central U.S.and into the Gulf of Mexico.

“Right now, over 60% of our energy reserves are natural gas, andwith demand increasing for this valuable fuel, our accumulation ofreserves holds good potential for long-term gain,” said John F.Renner, CEO of Fidelity Oil Group. “We continue to have faith inthe exploration and production sector of the oil and natural gasindustry and our recent efforts in reserve accumulation willprovide benefits when prices recover from their current slump.Additional long-term opportunities may evolve due to the turmoilcreated within our industry by historically low oil prices.”

WBI Holdings, Inc., the natural gas transmission unit of MDUResources, is also involved in gas production and development.Combining the gas reserves of both WBI Holdings and Fidelity OilGroup, MDU Resources has more than 260 Bcf of gas including WBIHoldings’ early 1999 acquisition of the Bonny Field in easternColorado.

©Copyright 1999 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.