HOUSTON, April 20 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) today
reported that it had been notified by Credit Suisse First Boston that it had
exercised its right to terminate the Restructuring Agreement dated
December 27, 1999. The Company is continuing to discuss the Plan of
Reorganization with Credit Suisse First Boston and others with the goal of
achieving a consensus that would enable a timely conclusion of the current
Chapter 11 proceedings.
"KCS operations in the first quarter have continued to be strong," noted
James W. Christmas, president and chief executive officer. "With production
running ahead of forecasts and with the sustained strength in oil and gas
prices, cash flow has been sufficient for the Company to carry out its
budgeted capital program, reduce bank debt by an additional $7.5 million
during the quarter, meet its current trade payables and increase cash." The
Company expects to report its first quarter operating and financial results
during the first week of May.
About KCS
KCS is an independent energy company engaged in the acquisition,
exploration and production of natural gas and crude oil with operations in the
Mid-Continent and Gulf Coast regions. The Company also purchases reserves
(priority rights to future delivery of oil and gas) through its Volumetric
Production Payment (VPP) program. For more information on KCS Energy, Inc.,
please visit the Company's web site at http://www.kcsenergy.com .
To receive KCS' latest news and other corporate developments via fax at no
cost, please call 1-800-PRO-INFO. Use company code KCS. See also
http://www.frbinc.com .
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are delays and difficulties in developing currently
owned properties, the failure of exploratory drilling to result in commercial
wells, delays due to the limited availability of drilling equipment and
personnel, fluctuations in oil and gas prices, general economic conditions and
the risk factors detailed from time to time in the Company's periodic reports
and registration statements filed with the Securities and Exchange Commission.
SOURCE KCS Energy, Inc.
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Related links:
http://www.kcsenergy.com
CONTACT:
James W. Christmas, President and CEO, of KCS
Energy, Inc., 713-877-8006; or General Info, Marilynn Meek,
212-661-8030, Analysts, Beth Lewis, 617-369-9240, Media, Dave
Closs, 212-661-8030, all of The Financial Relations Board
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