HOUSTON, May 30 /PRNewswire-FirstCall/ -- KCS Energy, Inc. (NYSE: KCS)
today announced that its wholly owned subsidiary, Medallion California
Properties Company, had reached a tentative settlement agreement to resolve
pending litigation on its RSF oil and gas lease in California.
The litigation was initiated by Newhall Land and Farming Company, the
lessor, in 2001 and relates to claims resulting from oil and gas operations
conducted by Oryx Energy Company and Medallion California Properties Company.
"We are pleased to reach this settlement agreement which removes the
uncertainty of litigation, while delineating the respective future obligations
of the parties," stated William N. Hahne, President and Chief Operating
Officer of KCS Energy. KCS' obligations under the settlement agreement will
not have any material impact on the financial condition or results of
operations of the Company.
KCS is an independent energy company engaged in the acquisition,
exploration, development and production of natural gas and crude oil with
operations in the Mid-Continent and Gulf Coast regions. For more information
on KCS Energy, Inc., please visit the Company's web site at
http://www.kcsenergy.com .
SOURCE KCS Energy, Inc.
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Related links:
http://www.kcsenergy.com
CONTACT:
James W. Christmas, Chairman and CEO of KCS
Energy, Inc., +1-713-877-8006; or Marilyn Meek, General Info,
+1-212-445-8451, Peter Seltzberg, Analyst Info, +1-212-445-8457,
or Suzie Pileggi, Media Info, +1-212-445-8170, all of FRB Weber
Shandwick
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