Burlington Resources Receives Approval to Develop China's Bajiaochang Gas Field
HOUSTON--(BUSINESS WIRE)--Feb. 26, 2004--Burlington Resources Inc. (NYSE:BR) (TSX:B) today reported that its subsidiary, Burlington Resources China LLC, has received official approval from China's State Development and Reform Commission to develop the Bajiaochang Gas Field in Sichuan Province. Burlington will develop the first of a series of natural gas accumulations in the field, which lies on the Chuanzhong Block near the town of Shehong, approximately 100 miles northeast of the city of Chengdu. Burlington serves as the project's operator and holds 100 percent of contractor's working interest in a production sharing contract on the block. As a partner, China National Petroleum Corp. (CNPC) participates in revenue and production through the contract. Burlington and PetroChina Company Limited, an affiliate of CNPC, had previously signed a long-term Natural Gas Purchase and Sales Agreement. "We are pleased and proud to begin the development of natural gas in onshore China," said Bobby S. Shackouls, Burlington Resources chairman, president and chief executive officer, speaking at a ceremony marking the occasion in Beijing. "This is one of the strategic areas that offers Burlington growth potential for the second half of this decade, and we look forward to producing rising volumes of natural gas for the people of China. We thank CNPC and PetroChina as well as the State Development and Reform Commission for their cooperation and support." The development program will commence immediately. A large accumulation of natural gas has been confirmed on the block through the drilling of six appraisal wells and recompletions of four existing wells. The 1,700-square-mile block features tight producing formations, a type of geology Burlington has proven highly adept at exploiting throughout the U.S. and Canada by utilizing hydraulic fracturing and other stimulation techniques. Burlington is also an interest holder in the Panyu Project, which began producing oil from the South China Sea during 2003. Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission. CONTACT: Burlington Resources Inc., Houston Financial: John Carrara, 713-624-9548 or Media: James Bartlett, 713-624-9354 www.br-inc.com
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