KCS Energy, Inc. Reports Final Deliveries Under 2001 Production Payment
February 01 2006 - 1:37PM
PR Newswire (US)
Company to Reap Full Cash Flow Benefit From Its Producing
Properties HOUSTON, Feb. 1 /PRNewswire-FirstCall/ -- KCS Energy,
Inc. (NYSE:KCS) today announced that it has made the final
deliveries of natural gas and oil production under a 2001
production payment transaction whereby it sold 43.1 Bcfe to be
delivered over a five-year period. In 2005, 3.9 Bcfe, or
approximately 8% of the Company's production was dedicated to the
production payment. Final deliveries of 8.6 MMcfe per day, or
approximately 0.3 Bcfe, were made in January 2006. "With the
conclusion of the production payment, we will now reap the full
benefit from our producing properties and based on our drilling
program currently target more than 20% growth in net production
that will contribute to cash flow in 2006," noted James W.
Christmas, Chairman and Chief Executive Officer. "With continued
strong commodity prices, a $315 million drilling budget and our
large inventory of drilling prospects, we are poised for another
year of building value for our shareholders." This press release
contains forward-looking statements that involve a number of risks
and uncertainties. Among the important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are delays and difficulties in
developing properties, delays due to the limited availability of
drilling equipment and personnel, fluctuation in oil and gas
prices, general economic conditions and the risk factors detailed
from time to time in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. KCS is an independent energy company engaged in the
acquisition, exploration, development and production of natural gas
and crude oil with operations in the Mid-Continent and Gulf Coast
regions. For more information on KCS Energy, Inc., please visit the
Company's web site at http://www.kcsenergy.com/ DATASOURCE: KCS
Energy, Inc. CONTACT: James W. Christmas, Chairman & CEO of KCS
Energy, Inc., +1-713-877-8006; or General Info: Marilynn Meek,
+1-212-827-3773, or Analysts: Susan Garland, +1-212-827-3775, both
of Financial Relations Board Web site: http://www.kcsenergy.com/
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