Adams Resources Announces Second North Sea Exploration Project
HOUSTON, Oct. 14 /PRNewswire-FirstCall/ -- Adams Resources & Energy, Inc. (AMEX:AE) announced today that its UK subsidiary, Adams Exploration UK Limited,
has been awarded a "Promote" Production License in the Northeast portion of
Block 48/16a in the Southern North Sea. The Block is located in close
proximity to the Pickerill Field. Adams and its partners applied for the
license in the recently held 22nd licensing round. Adams and its partners will
obtain 2D and 3D seismic data and submit a development plan within two years.
Adams expects the work program to confirm the existence of an exploration
prospect that will be promoted to investors prior to drilling. The License
covers in excess of 20,000 acres and is located approximately 40 miles east of
Theddlethorpe, England in approximately 80 feet of water. Adams has a 33 1/3 %
working interest in the License. Adams also has a 25% working interest in
Block 21-1b, located in the UK Central North Sea.
Adams Resources & Energy, Inc., through its subsidiaries, is engaged in the
business of marketing crude oil, natural gas and petroleum products; tank truck
transportation of liquid chemicals; and oil and gas exploration and production.
The information in this release includes certain forward-looking statements
that are based on assumptions that in the future may prove not to have been
accurate. A number of factors could cause actual results or events to differ
materially from those anticipated. Such factors include, among others, (a)
general economic conditions, (b) fluctuations in hydrocarbon prices and
margins, (c) variations between crude oil and natural gas contract volumes and
actual delivery volumes, (d) unanticipated environmental liabilities or
regulatory changes, (e) counterparty credit default, (f) inability to obtain
bank and/or trade credit support, (g) availability and cost of insurance, (h)
changes in tax laws, (i) the availability of capital, among others (j) changes
in regulations, (k) results of current items of litigation, (l) uninsured items
of litigation or losses, (m) uncertainty in reserve estimates and cash flows,
(n) ability to replace oil and gas reserves, (o) security issues related to
drivers and terminal facilities and (p) commodity price volatility. These and
other risks are described in the Company's reports that are on file with the
Securities and Exchange Commission.
Contact:
Jim Smith
(713-881-3662)
DATASOURCE: Adams Resources & Energy, Inc.
CONTACT: Jim Smith of Adams Resources & Energy, Inc., +1-713-881-3662
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