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EOG Resources, Inc. Wins Interests in Northwest Territories Lease Sale
PRNewswire
HOUSTON

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FOR IMMEDIATE RELEASE: Wednesday, August 9, 2000

HOUSTON - EOG Resources, Inc. (EOG) today announced that its wholly owned subsidiary, EOG Resources Canada Inc., has been awarded interests in two work bids in the 2000 Central Mackenzie Valley Call for Bids in the Northwest Territories. EOG and its partners are the winning bidders on Parcel 5, Exploration License EL401, consisting of approximately 318,000 acres which lie just west of Norman Wells. EOG has a 50 percent working interest in this block and will be the operator. EOG will also earn a 17.5 percent working interest in Parcel 1, Exploration License EL397, consisting of approximately 333,000 acres.

“EOG has had a long standing presence in Canada with superior reserve and production growth,” said Mark G. Papa, Chairman and Chief Executive Officer. “The addition of acreage in the Northwest Territories expands our Canadian exploration program and is consistent with our thesis that new Canadian energy supplies will be a key solution in the U.S. energy balance.”

EOG Resources, Inc. (formerly Enron Oil & Gas Company) is one of the largest independent (non-integrated) oil and gas companies in the United States and is the operator of substantial proved reserves in the U.S., Canada and offshore Trinidad. EOG Resources is listed on the New York Stock Exchange and is traded under the ticker symbol, "EOG."

This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EOG believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, the timing and extent of changes in reserve quantities and commodity prices for crude oil, natural gas and related products and interest rates, the extent of EOG’s success in discovering, developing, producing and marketing reserves and in acquiring oil and gas properties, uncertainties and changes associated with international projects and operations including reserve estimates, markets, contract terms, construction, financing availability, operating costs, and political developments around the world, and conditions of the capital and equity markets during the periods covered by the forward looking statements.

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