Mission Resources (NASDAQ:MSSN)
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From Jun 2019 to Jun 2024
Mission Resources Corporation (NASDAQ:MSSN) announced
today that it signed a definitive agreement selling non-operated
interests in the Goldsmith and Wasson oil fields, located in Ector and
Yoakum Counties, Texas, to XTO Energy Inc. (NYSE:XTO) for $56.5
million in cash, before customary adjustments. Net production
associated with these fields is approximately 1,000 barrels of oil
equivalent per day. The Company intends to hold the proceeds as cash
until the merger with Petrohawk closes.
"We are receiving very good value for these non-operated Permian
Basin properties, and we believe that this sale will better align
Mission's strategic goals of decreasing unit operating expense and
raising our percentage of operated properties," said Robert L.
Cavnar, Mission's Chairman, President and Chief Executive Officer.
"Our successful 2005 drilling efforts are expected to more than offset
the modest daily production being sold."
About Mission Resources: Mission Resources Corporation is a
Houston-based independent exploration and production company that
drills for, acquires, develops and produces natural gas and crude oil
primarily in the Permian Basin (in West Texas and Southeastern New
Mexico), along the Texas and Louisiana Gulf Coast and in both the
state and federal waters of the Gulf of Mexico.
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are subject to certain risks, trends
and uncertainties that could cause actual results to differ materially
from those projected. Among those risks, trends and uncertainties are
our estimate of the sufficiency of our existing capital sources, our
ability to raise additional capital to fund cash requirements for
future operations, the uncertainties involved in estimating quantities
of proved oil and natural gas reserves, in prospect development and
property acquisitions and in projecting future rates of production,
the timing of development expenditures and drilling of wells, and the
operating hazards attendant to the oil and gas business. In
particular, careful consideration should be given to cautionary
statements made in the various reports the Company has filed with the
Securities and Exchange Commission. Mission undertakes no duty to
update or revise these forward-looking statements.
As announced on April 4, 2005, Mission and Petrohawk Energy
Corporation (NASDAQ:HAWK) ("Petrohawk") have entered into a
definitive agreement whereby Petrohawk will acquire Mission for a
combination of Petrohawk stock, cash and the assumption of debt. The
acquisition is subject to customary conditions, including the approval
of the stockholders of both companies. The transaction is expected to
close in the third quarter of 2005.
In connection with the acquisition, Petrohawk and Mission will
file materials relating to the acquisition with the SEC, including a
joint proxy statement/prospectus on Form S-4 that was filed with the
SEC by Petrohawk. The joint proxy statement/prospectus contains
important information about the acquisition, but is not yet final and
will be amended. Investors and security holders of Petrohawk and
Mission are urged to read the joint proxy statement/prospectus and any
other relevant documents filed with the SEC, as well as any amendments
or supplements to those documents, because they will contain important
information about Petrohawk, Mission and the acquisition. Investors
and security holders may obtain these documents free of charge at the
SEC's website at www.sec.gov. In addition, the documents filed with
the SEC by Petrohawk may be obtained free of charge from Petrohawk's
website at www.petrohawk.com. The documents filed with the SEC by
Mission may be obtained free of charge from Mission's website at
www.mrcorp.com. Investors and security holders are urged to read the
joint proxy statement/prospectus and the other relevant materials
before making any voting or investment decision with respect to the
proposed acquisition.
Petrohawk, Mission and their respective executive officers and
directors may be deemed to be participants in the solicitation of
proxies from the stockholders of Petrohawk and Mission in favor of the
acquisition. Information about the executive officers and directors of
Petrohawk and their direct or indirect interests, by security holdings
or otherwise, in the acquisition is set forth in the joint proxy
statement/prospectus on Form S-4 as filed with the SEC by Petrohawk.
Information about the executive officers and directors of Mission and
their direct or indirect interests, by security holdings or otherwise,
in the acquisition is set forth in the proxy statement/prospectus
relating to the acquisition on Form S-4 as filed with the SEC by
Petrohawk. Information about the executive officers and directors of
Mission and their ownership of Mission common stock is set forth in
the Annual Report on Form 10 K/A that was filed by Mission with the
SEC on April 12, 2005.