"To implement our growth strategy of finding and developing primarily onshore Gulf Coast gas reserves in established trends, in addition to continuing the development program mentioned above, we will participate in drilling 13 (4.7 net) wells during the remainder of 2003. In accordance with our strategy of increasing our exposure to natural gas, 85% of the risked reserves targeted by this program are natural gas. We intend to implement our drilling plan as quickly as possible to take advantage of the pricing environment that we are currently enjoying and to lock in revenues through a carefully managed hedge program."
Six of the thirteen wells to be drilled are located in the gas-prone Miocene trend of southern Louisiana and are evenly split between exploratory and development projects. The remaining seven include two Wilcox exploratory wells in central Texas, a high potential prospect in the South Texas Vicksburg trend, a development well in our Raccoon Bend field and three wells in the offshore Louisiana shelf (two of which we have only a minor interest).
Mission's long-term strategy is to be geographically focused onshore on the Gulf Coast, South Texas and the Permian basin. An overall reserve and production mix of 70% gas and 30% oil remains the company's target.
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