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FOR IMMEDIATE RELEASE EXHIBIT 99.2
Monday, April 27, 1998
UNION PACIFIC RESOURCES GROUP INC.
ANNOUNCES DETAILS OF DELEVERAGING PROGRAM
FORT WORTH, Texas, April 27 -- Union Pacific Resources Group Inc. (NYSE - UPR)
today announced additional details regarding the producing properties the
Company will sell in accordance with its previously announced deleveraging
program. The goal of the plan is to raise at least $600 million from producing
property sales by the end of the year. The properties are located in Canada, the
United States and international locations outside of North America. A table
detailing the properties included in the deleveraging program is attached.
The United States and international properties are organized into nine bid
packages and will be made available in two phases. The first phase will include
properties located in the Gulf of Mexico, South Louisiana, South Texas and East
Texas. The executive summaries for these packages will be available to
prospective buyers by June 1, 1998 with closings anticipated by October 1, 1998.
The second phase of the program will include properties located in the Rocky
Mountains, Argentina, Egypt and Australia. Executive summaries will be made
available to prospective buyers by July 1, 1998 with closings anticipated by
October 30, 1998.
The sale of the international properties (non-Canadian) as well as those in the
United States will be managed internally by UPR. A complete list of these
properties, along with additional information and maps, is available at UPR's
internet deal room at Petroleum Exchange's website at www.petroleumx.com.
Prospective buyers who visit the website will have the opportunity to
electronically provide contact information and areas of interest to the UPR
mailing list. For interested parties without internet access, please send
expressions of interest to UPR via fax at 817-877-6093. Prospective buyers who
would like additional information concerning the United States and international
properties should contact Marty Searcy at 817-877-6710 or Joe Carroll at
817-877-7718.
The sale of Canadian properties, which will be offered as several discrete
property packages, will be handled by Waterous Securities, Inc. located in
Calgary, Alberta, Canada. Specific details about the Canadian properties may be
obtained from Adam Waterous or Doug De Filippi at 403-265-8077 or by visiting
Waterous' website at www.waterous.com. Explanatory letters and introductory
materials will be sent to prospective buyers of the Canadian properties on May
6, 1998 and data rooms will be available beginning in mid-May. Initial bids
will be expected around June 15 and closing is anticipated by early September.
UPR also announced on April 20, 1998 that it will consider the monetization of
its gathering, processing and marketing business (GPM) as part of the
deleveraging program. For information regarding this project, please contact
Dick Eales at 817-877-7588 or Don Niemiec at 817-255-6932. An informational
memorandum on the GPM business will be available in early June 1998.
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Union Pacific Resources is one of the nation's largest independent oil and gas
exploration and production companies. Based in Fort Worth, Texas, UPR has been
the #1 domestic driller for the past 6 years and is the #1 gas producer in the
state of Texas.
UNITED STATES AND INTERNATIONAL PROPERTIES
PHASE 1
Major
Package 1 - Offshore Product Comments
Field
Eugene Island Blk 297 Gas Non-operated
Eugene Island Blk 74 Gas Non-operated
High Island A-340 Gas Non-operated
High Island A-355 Gas Non-operated
High Island A-545 Gas Non-operated
High Island A-441 Gas Operated
S. Marsh Island Blk 17 Gas Operated
Galveston Blk 333 Gas Non-operated
Matagorda Island Blk 587 Gas Non-operated
Package 2 - South Louisiana
Field
Bastian Bay Gas Operated
Four League Bay Gas Operated
King's Bayou Gas Operated and non-operated
East Atchafalaya Field Gas Operated
Delta Duck Club Gas Operated
Coquille Bay Gas Operated
West Lake Verret Gas Operated and non-operated
West Black Bay Gas Operated
Gillis English Bayou Field Gas Non-operated
Package 3 - South Texas
Field Stratton Field Gas Operated
Agua Dulce Field Gas Operated
Moca Field Gas Operated
McFaddin Field Gas Operated
Wadsworth Field Gas Operated
Hostetter Deep Gas Non-operated
Borosa Field Gas Non-operated
Hugh Fitzsimons Field Gas Operated
Package 4 - East Texas
Field
Deadwood Field Gas Non-operated
(SE Panola County)
Package 9 - East Texas
Field
Certain Cotton Valley
Pinnacle Reef Properties Gas Operated and Non-operated
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PHASE 2
Package 5 -Egypt
Field
Warda Oil Non-operated
Package 6 - Australia
Field
Jabiru Oil Non-operated
Challis Oil Non-operated
Package 7 - Argentina
Field
El Santiagueno Oil Operated
Lindero de Piedra Oil Operated
Agua Salada Oil Non-operated
Faro Virgenes Gas Non-operated
Palmar Largo Oil Non-operated
CAA-35 Oil Non-operated
Package 8 - Rockies
Field
Desert Springs (Wyoming) Gas Operated
Rock Springs Uplift Area (Wyoming) Gas Non-operated
Dripping Rock/Mulligan Draw (WY) Gas Non-operated
Pineview Area (Utah) Oil Operated
Yellow Creek Shallow (Wyoming) Gas Operated
Williston Basin (N. Dakota, Mont.) Oil Non-operated
Silo Field (Wyoming) Oil Operated
CANADIAN PROPERTIES
Major divestiture packages include properties located in the following areas
of Alberta:
Major
Field Product Comments
1. Chinchaga Gas Non-operated
2. Harmattan Gas Non-operated
3. Majorville Gas Non-operated
4. Turner Valley Oil Non-operated
5. Ansell Gas Non-operated
6. Pembina Oil Operated and Non-operated
7. Ferrybank Oil Operated
8. North Taber Oil Operated
Minor packages are also located in Alberta with two smaller areas in
northeast British Columbia.
Field
1. Carson Creek Gas Operated
2. Sylvan Lake Gas Operated
3. Med. R. Unit #4/Raven Ostracod Gas Non-operated
4. Clear Prairie* Gas Operated
5. Pedigree* Gas Operated
6. Rainbow Gas Operated
7. Spirit River Triassic Unit Oil Operated
*Partially located in British Columbia
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