Howell Closes Elk Basin Purchase from Conoco

Howell Corporation has closed the purchase of Conoco Inc.'s interest in the Elk Basin Field for $26 million. The effective date of the sale is Sept. 1, 2001. Howell operates the Elk Basin Field, which is the company's second largest producing property. It covers over 17,000 acres in portions of Park County, Wyoming, and Carbon County, Montana. As previously reported, this acquisition increases Howell's working interest in Elk Basin from approximately 27% to 64%. Howell's net liquids production increases some 2,150 barrels per day, approximately 86% percent which is crude oil.