Cross Timbers completed its previously announced $115 millionacquisition of 175 Bcfe of reserves on producing properties locatedin East Texas and Louisiana from Herd Producing of Tyler, TX. Theproperties are located in Freestone, Limestone and Robertsoncounties, TX, and Claiborne and Union parishes, LA. “We willimmediately begin to develop these properties in conjunction withour existing East Texas Freestone Trend exploitation program,”stated Cross Timber President Steffen E. Palko. “This trendcurrently has a resource potential of 1.2 Tcf of gas, whichincludes more than 500 potential drilling locations and a multitudeof recompletion projects.” Chairman Bob R. Simpson said theacquisition provides the additional inventory of opportunities forthe company to achieve its previously stated goals of increasinggas production by 20% per year. “As a result, we expect to increasegas production to 535 MMcf/d by the end of 2002, a 60% increaseabove the average rate for 2000.”
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Cross Timbers completed its previously announced $115 millionacquisition of 175 Bcfe of reserves on producing properties locatedin East Texas and Louisiana from Herd Producing of Tyler, TX. Theproperties are located in Freestone, Limestone and Robertsoncounties, TX, and Claiborne and Union parishes, LA. “We willimmediately begin to develop these properties in conjunction withour existing East Texas Freestone Trend exploitation program,”stated Cross Timber President Steffen E. Palko. “This trendcurrently has a resource potential of 1.2 Tcf of gas, whichincludes more than 500 potential drilling locations and a multitudeof recompletion projects.” Chairman Bob R. Simpson said theacquisition provides the additional inventory of opportunities forthe company to achieve its previously stated goals of increasinggas production by 20% per year. “As a result, we expect to increasegas production to 535 MMcf/d by the end of 2002, a 60% increaseabove the average rate for 2000.”
