Dominion Exploration & Production Apparent
High Bidder on 37 Blocks in Central Gulf of Mexico Sale, Including 23 in Deepwater
NEW ORLEANS – Dominion
Exploration & Production, Inc., a subsidiary of Dominion (NYSE: D), acting individually
and with partners, was the apparent successful high bidder on thirty-seven blocks
– 23 in Deepwater and 14 on the Continental Shelf – at the Central Gulf of Mexico
Lease Sale 182, held in New Orleans. Dominion’s share of bids totaled $37 million.
Dominion has a 100 percent working interest in apparent high
bids for 10 blocks on the Shelf and 37.5 percent to 75 percent working interest
in 27 Shelf and Deepwater blocks.
Dominion’s apparent high bids on the Shelf were concentrated
in West and East Cameron. In the Deepwater, the company’s apparent high bids
were focused in Mississippi Canyon, with several key blocks acquired around
the Seventeen Hands and Devils Tower discoveries.
Duane Radtke, president and CEO of Dominion Exploration &
Production, Inc., remarked, “We are very pleased with the outcome of this sale.
We believe we have added quality investment opportunities to our inventory both
on the Shelf and in the Deepwater. As we drill and evaluate these prospects,
we are confident that we will add value for our shareholders.”
As is customary, the Minerals Management Services of the
U. S. Department of Interior will review the high bids before deciding to award
them.
Dominion, headquartered in Richmond, Va., is one of the nation's
largest producers of energy, with a production capability of more than 3 trillion
British thermal unit of energy per day. Its 22,000-megawatt generation portfolio
is expected to grow to more than 26,000 megawatts by 2005. In addition to its
more than 4.9 trillion cubic feet equivalent of natural gas reserves and more
than 450 billion cubic feet equivalent of annual production, Dominion owns and
operates 7,600 miles of natural gas transmission pipeline with a delivery capability
of 6.3 billion cubic feet per day. The company also operates the nation's largest
underground natural gas storage system, with more than 950 billion cubic feet
of storage capacity. Dominion serves nearly 4 million retail natural gas and
electric customers in five states, and owns a managing equity interest in Dominion
Fiber Ventures LLC. For more information about Dominion, visit the company's
Web site at www.dom.com.
This press release contains forward-looking statements.
The company wishes to caution readers that the assumptions which form the basis
for forward-looking statements with respect to or that may impact earnings for
fiscal 2001, and thereafter, include many factors that are beyond the company’s
ability to control or estimate precisely, such as estimates of future market
conditions and the behavior of other market participants. Other factors include,
but are not limited to, weather conditions, economic conditions in the company’s
service territories, fluctuations in energy-related commodity prices, conversion
activity, other marketing efforts and other uncertainties.
