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| Costilla Granted Extension on Reorganization Exclusivity Period |
MIDLAND, Texas, Jan. 12 /PRNewswire/ -- Costilla Energy, Inc.
(OTC Bulletin Board: COSEQ) today reported that the period in which the
Company has the exclusive right to formulate a plan of reorganization under
Chapter 11 of the U.S. Bankruptcy Code has been extended until February 11,
2000, pursuant to the Company's request. Costilla continues to conduct
operations in the ordinary course and is actively engaged in negotiations with
its Creditors Committee concerning a plan of reorganization for consideration
by the Bankruptcy Court. Costilla intends to file a plan on or before the
February 11th deadline.
Costilla Energy, Inc. is an independent oil and gas company with
operations primarily in the Gulf Coast region of South Texas and the Permian
Basin of West Texas and Southeastern New Mexico.
Certain statements in this news release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance, or achievements of Costilla Energy, Inc. to be materially
different from any future results, performance, or achievements expressed or
implied by such forward-looking statements. Such factors include, among
others, the following: the volatility of oil and gas prices; the Company's
ability to replace its oil and gas reserves; the availability of capital
resources; the reliance upon estimates of proved reserves; operating hazards
and uninsured risks; competition; government regulation; and the ability of
the Company to implement its business strategy. Additional information is
available in the Company's filings with the Securities and Exchange
Commission, which are incorporated by this reference as though fully set forth
herein.
SOURCE Costilla Energy, Inc.
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 126873
CONTACT:
Guy McCrary of Costilla Energy, Inc.,
915-683-3092
