Houston Exploration Announces Changes, Reorganizations
Houston Exploration announces a corporate realignment to facilitate the Company's operating strategy and growth plans. They have created two operating divisions: Onshore and offshore, which will function as strategic business units for the Company's oil and gas operations. Steve Mueller will join the Company as Senior Vice President and General Manager of the Onshore Division, a business unit currently producing 110 Mmcf/d from fields in South Texas, Arkansas, Louisiana, East Texas and West Virginia. Mueller brings over 26 years of industry experience. Most recently, Mueller was senior vice president of exploration and production at Belco Oil and Gas Company. Prior to Belco, Mr.
Houston Exploration and El Paso Announce Joint Offshore Exploration Drilling Program
The Houston Exploration Company and El Paso Production Company, a subsidiary of El Paso Corporation, announced that they have executed a letter of intent to conduct an exploration drilling joint venture in the Gulf of Mexico. Under the terms of the agreement, El Paso will contribute up to $50 million for land, seismic and drilling expenditures and pay 100 percent of the dry hole costs to earn 50 percent of Houston Exploration's working interest in up to six specified exploration wells to be drilled during the remainder of 2002 and early 2003. The wells to be drilled by the joint venture are comprised of exploration prospects developed by Houston Exploration on its leases located in the Central and Western Gulf of Mexico and in Texas state waters.
