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Article: The Meridian Resource Corporation Reports Second Quarter Financial Results.
- Article from:
- Business Wire
- Article date:
- August 20, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON--(BUSINESS WIRE)--Aug. 20, 1998--The Meridian Resource Corporation (NYSE:TMR) reported second quarter financial results reflecting a $108.8 million pre-tax, non-cash write-down of its oil and natural gas properties under the full cost method of accounting. The charge is less than the $125 million previously estimated by the Company in its Proxy filed in connection with its merger with Shell Oil's Louisiana properties for two significant reasons--(1) the partial recognition of the exploration (unevaluated) value of all of Shell's fields in south Louisiana with the discovery at Weeks Island which logged over 550 feet of gross pay on June 30, the date of closing the ...