Output Exploration Acquires Louisiana Acreage
Output Exploration has purchased interests in 32 producing properties from Saga Petroleum Corp. for $1.75 million. The acquired properties are located on the Vinton Salt Dome in Calcasieu Parish, La.; in Custer County, Okla.; and in Solano County, Calif. The acquisition increases OPEX's working interests in these core areas to levels ranging from 50 to 75%.
"Our acquisition of Saga's interests strengthens our ability to pursue future exploration and development activities in our primary areas of operation," said Robert A. Brook, Output Exploration's President and CEO. "In addition to consolidating our position, we have identified several prospects we intend to drill in 2003 to further develop the properties as well as several opportunities to pursue to enhance production."