Biloxi Marsh Lands Corporation Provides Update Related to Hurricane Katrina
September 06 2005 - 2:56PM
Business Wire
Due to the flooding of its Metairie, Louisiana office Biloxi Marsh
Lands Corporation (Pink Sheets:BLMC) has temporarily relocated its
office. All critical electronic files including but not limited to
all 3D seismic data were successfully evacuated. After flood waters
recede, we plan to make an assessment of the office facilities and
determine where to locate our permanent office. On September 1,
2005 using a fixed wing aircraft Biloxi Marsh Lands Corporation's
environmental consultant conducted and aerial over-flight of the
Company's property. According to our environmental consultant, at
the time of the aerial survey the storm surge had receded and the
water level had returned to normal. From the aerial view, it
appeared that the interior marsh land from the Mississippi River
Gulf Outlet to Bayou Grande sustained little discernable damage.
Large pieces and chunks of storm deposited vegetation normally seen
floating in interior ponds following hurricane force winds and
waves were not found in the area inspected. Many trees along the
Bayou La Loutre Ridge were blown over and broken. There were large
amounts of debris and vegetation litter deposited along the Ridge,
and along the banks of canals and bayous. As of this time, without
an on the ground assessment, it appears that the Company's property
weathered the hurricane relatively well with little loss of land.
We plan to conduct a more detail aerial survey using a helicopter
this week, with on the ground surveys to follow. As of the date of
this release all production of hydrocarbons emanating from the
Company's property is shut in awaiting repairs to production
facilities which were damaged by the hurricane. According to The
Meridian Resource Corporation (NYSE:TMR), while they are still in
the process of completely evaluating the situation, they are
already in the rebuilding phase and hope to have a substantial
amount of their production on line within the next 15 to 20 days
with the balance returning within 60 days. Manti Resources, Inc.
advises that they are still in the process of completely evaluating
their situation, but hope to have their wells located on Company
property back on production within the next 30 to 45 days. Biloxi
Marsh Lands Corporation may be contacted via telephone at
214.536.2162 or email at csbiloxi@bellsouth.net. Information will
also be available on the Company's website
www.biloximarshlandscorp.com. We plan to issue updated press
releases as the situation changes and new information becomes
available. Biloxi Marsh Lands Corporation owns approximately 90,000
acres of marsh lands located in St. Bernard Parish, Louisiana. As
the landowner, it derives the vast majority of its revenue from oil
and gas exploration and production activities that take place on or
near the company's land. The company also derives minimal revenues
from surface rentals. This news release contains forward-looking
statements regarding oil and gas discoveries, oil and gas
exploration, development and production activities and reserves.
Accuracy of the forward-looking statements depends on assumptions
about events that change over time and is thus susceptible to
periodic change based on actual experience and new developments.
The Company cautions readers that it assumes no obligation to
update or publicly release any revisions to the forward-looking
statements in this report. Important factors that might cause
future results to differ from these forward-looking statements
include: variations in the market prices of oil and natural gas;
drilling results; unanticipated fluctuations in flow rates of
producing wells; oil and natural gas reserves expectations; the
ability to satisfy future cash obligations and environmental costs;
and general exploration and development risks and hazards. Readers
are cautioned not to place undue reliance on forward-looking
statements made by or on behalf of the Company. Each such statement
speaks only as of the day it was made. The factors described above
cannot be controlled by the Company. When used in this report, the
words "believes", "estimates", "plans", "expects", "should",
"hopeful", "outlook", and "anticipates" and similar expressions as
they relate to the Company or its management are intended to
identify forward-looking statements.
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