EX-99.1
3
a06-13202_1ex99d1.htm
EX-99
Exhibit
99.1
FOR IMMEDIATE RELEASE:
Investor
Relations Contact:
Company
Contact:
Kathleen
Heaney
Bryce
W. Rhodes, President
(203)
803-3585
(713)
850-1880
kheaney@whittierenergy.com
Whittier Announces Closing of Westhoff Ranch Acquisition
HOUSTON,
TX - June 1, 2006. -
Whittier Energy Corporation
(NASDAQ:WHIT) announced today that it has completed the previously disclosed
acquisition of a 75% operated working interest (59.5% average revenue interest)
in the Westhoff Ranch Field for approximately $19.9 million in cash before
closing adjustments. The effective date of this transaction is February 1, 2006.
A previously announced second acquisition of certain oil and gas properties
owned by Imperial Petroleum, Inc. is expected to close in early July 2006.
The Westhoff Ranch Field is a 2,300
acre property located in Jackson County, Texas. Current net production is 171
barrels of oil per day and 2.1 million cubic feet of gas per day, or 3.1 million
cubic feet of gas equivalents per day. Whittier has identified four locations
to drill in 2006 and over 40 behind-pipe opportunities. Approximately $2
million of additional capital spending has been budgeted to develop this
property in 2006 and approximately $4 million of capital investment has been
identified for 2007.
Bryce Rhodes, President and CEO of
Whittier commented, "We are enthusiastic about the prospects this property
presents for the Company. The Westhoff Ranch Field provides an immediate
increase in production and substantial behind pipe and undeveloped reserves to
exploit over the next two years." Added
Mr. Rhodes, "
The closing
of the Westhoff acquisition reflects our ability to execute our strategy to
grow our business and enhance shareholder value through a combination of
acquiring, exploiting and exploring oil and gas properties".
About
Whittier Energy Corporation
Whittier
Energy Corporation is an independent oil and gas exploration and production
company headquartered in Houston, Texas, with operations in Texas and
Louisiana. Whittier Energy also holds non-operated interests in fields located
in the Gulf Coast, Oklahoma, Wyoming and California.
To find out more about Whittier Energy Corporation (NASDAQ: WHIT), visit
www.whittierenergy.com.
Forward-Looking Statements
Certain
statements included in this news release are intended as "forward-looking
statements" under the Private Securities Litigation Reform Act of 1995. The
Company cautions that actual future results may vary materially from those
expressed or implied in any forward-looking statements. More information about
the risks and uncertainties relating to these forward-looking statements are
found in the Company's SEC filings, which are available free of charge on the
SEC's web site at http://www.sec.gov.
######

EX - 99 . 1 3 a06 - 13202 _ 1ex99d1 . htm EX - 99 Exhibit 99 . 1 FOR IMMEDIATE RELEASE : Investor Relations Contact : Company Contact : Kathleen Heaney Bryce W . Rhodes , President ( 203 ) 803 - 3585 ( 713 ) 850 - 1880 kheaney@whittierenergy.com Whittier Announces Closing of Westhoff Ranch Acquisition HOUSTON , TX - June 1 , 2006 . - Whittier Energy Corporation ( NASDAQ : WHIT ) announced today that it has completed the previously disclosed acquisition of a 75 % operated working interest ( 59 . 5 % average revenue interest ) in the Westhoff Ranch Field for approximately $ 19.9 million in cash before closing adjustments . The effective date of this transaction is February 1 , 2006 . A previously announced second acquisition of certain oil and gas properties owned by Imperial Petroleum , Inc . is expected to close in early July 2006 . The Westhoff Ranch Field is a 2,300 acre property located in Jackson County , Texas . Current net production is 171 barrels of oil per day and 2.1 million cubic feet of gas per day , or 3.1 million cubic feet of gas equivalents per day . Whittier has identified four locations to drill in 2006 and over 40 behind - pipe opportunities . Approximately $ 2 million of additional capital spending has been budgeted to develop this property in 2006 and approximately $ 4 million of capital investment has been identified for 2007 . Bryce Rhodes , President and CEO of Whittier commented , " We are enthusiastic about the prospects this property presents for the Company . The Westhoff Ranch Field provides an immediate increase in production and substantial behind pipe and undeveloped reserves to exploit over the next two years . " Added Mr . Rhodes , " The closing of the Westhoff acquisition reflects our ability to execute our strategy to grow our business and enhance shareholder value through a combination of acquiring , exploiting and exploring oil and gas properties " . About Whittier Energy Corporation Whittier Energy Corporation is an independent oil and gas exploration and production company headquartered in Houston , Texas , with operations in Texas and Louisiana . Whittier Energy also holds non - operated interests in fields located in the Gulf Coast , Oklahoma , Wyoming and California . To find out more about Whittier Energy Corporation ( NASDAQ : WHIT ) , visit www.whittierenergy.com . Forward - Looking Statements Certain statements included in this news release are intended as " forward - looking statements " under the Private Securities Litigation Reform Act of 1995 . The Company cautions that actual future results may vary materially from those expressed or implied in any forward - looking statements . More information about the risks and uncertainties relating to these forward - looking statements are found in the Company 's SEC filings , which are available free of charge on the SEC 's web site at http://www.sec.gov . # # # # # #