Dominion E&P Announces Devils Tower
Production at Pre-Ivan Levels
Houston – Production at Devils
Tower has returned to pre-Hurricane Ivan levels, Dominion Exploration &
Production, a subsidiary of Dominion (NYSE: D), announced today. Three wells
are producing, with a fourth well expected on stream within two weeks.
The three wells are currently producing approximately
28,000 barrels of oil equivalent per day gross. Completion work on the four
remaining wells is now expected to begin by year-end.
"Our staff worked diligently with The Williams
Companies under difficult circumstances to get Devils Tower back on stream quickly,"
said Duane Radtke, chief executive officer of Dominion E&P.
Dominion E&P owns 75 percent of Devils Tower
production and is the operator of the platform. Pioneer Natural Resources Company
(NYSE:PXD) owns the remaining 25 percent of production. Oil and natural gas
from Devils Tower flows through a spar floating production facility owned by
a unit of The Williams Companies, Inc. Devils Tower is located about 140 miles
southeast of New Orleans on Mississippi Canyon block 773 in the deepwater Gulf
of Mexico.
Dominion has a comprehensive insurance program
to reimburse for delayed production beyond an estimated $9 million after-tax
loss of income.
Dominion is one of the nation's largest producers
of energy, with an energy portfolio of about 25,500 megawatts of generation,
6.4 trillion cubic feet equivalent of proved natural gas reserves and 7,900
miles of natural gas transmission pipeline. Dominion also operates the nation's
largest underground natural gas storage system with more than 960 billion cubic
feet of storage capacity and serves retail energy customers in nine states.
For more information about Dominion, visit the company's Web site at www.dom.com.
