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Texas Meridian Resources Corporation Announces Joint Agreement
with Schlumberger/GECO-Prakla Transition 2000 3-D Seismic Program
Houston, Texas - January 2, 1997 - Texas Meridian Resources Corporation
(TMR/AMEX) and Schlumberger Technology Corporation, through its
division GECO-Prakla, today announced execution of an agreement
(the "GECO Agreement") under which TMR will acquire a portion
of the data from Schlumberger's Transition 2000 3D Seismic Development
Program in south Louisiana. Under the Transition 2000 program,
Schlumberger intends to acquire between one and two thousand square
miles of 3Dseismic data per year through the year 2000.
As a volume purchaser under this program, TMR will acquire seismic
data in the south Louisiana Transition Zone including prospective
areas within the recently created 1,500 square mile area of mutual
interest between Louisiana Land & Exploration Company ("LL&E")
and TMR. Under the GECO Agreement, TMR will initially receive
approximately 600 square miles of 3D seismic data covering areas
where TMR and LL&E have already identified prospects.
TMR and Schlumberger have also begun survey operations for the
acquisition of an additional 400 square miles of 3D data which
are expected to be completed around August 1997. Added to its
existing 3D seismic inventory, this will provide TMR with interests
in over 1,300 square miles of 3D seismic data within the next
12 months, or over four times its present 3D seismic data base.
TMR is currently pursuing over 100 identified prospects under
its south Louisiana/southeast Texas 3D seismic exploration program
and expects that with the significant increase in 3D data it will
expand its capital expenditure budget from approximately $40 million
in 1996 to over $50 million in 1997.
TMR stated that it is pleased to be a part of Schlumberger's Transition
2000 program. Early access to the large volume of 3D data which
will be available through this program will enhance the company's
competitive position in acquiring acreage and developing its prospect
ideas. Together with its recent joint venture with LL&E, participation
in the Transition 2000 program will be an integral part of the
Company's 3D exploration strategy into the 21st century.
Texas Meridian Resources Corporation is an independent oil and
natural gas company whose primary focus is on exploration and
development of oil and natural gas properties utilizing 3D seismic
and Computer Aided Exploration (CAEX) technology. The Company's
office is located in Houston, Texas and its shares are traded
on the American Stock Exchange
under the symbol "TMR."
FOR MORE INFORMATION CONTACT:
W. MATT RALLS,
JOSEPH A. REEVES, JR.
or
MICHAEL J. MAYELL
(713) 558-8080
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