Evergreen Resources profits down, production up - August 18, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryAugust 2002

Vol. 7, No. 33

Week of August 18, 2002

Evergreen Resources profits down, production up

Steve Sutherlin, PNA managing editor

Evergreen Resources Inc. had second quarter 2002 earnings of $3.3 million or 17 cents per diluted share, compared to $11.2 million or 57 cents per diluted share in the second quarter of 2001, the company said Aug. 1.

Net gas sales increased to a record 104.4 million cubic feet per day for a total of 9.5 billion cubic feet in the second quarter, the company said, up 31 percent from the corresponding 2001 period.

The company said it will drill a total of eight wells beginning in September on its 64,000 acres of prospective coalbed methane properties in the Cook Inlet basin, with completion and production testing operations expected to begin in the fourth quarter of 2002.

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