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| Costilla Reports Louis Dreyfus Bid of $133.25 Million for Oil and Gas Assets |
MIDLAND, Texas, June 2 /PRNewswire/ -- Costilla Energy, Inc. reports that it announced to the U.S. Bankruptcy Court for the Western District of Texas at the hearing to approve the sale of the Company's oil and gas assets on Wednesday, May 31st, that Louis Dreyfus Natural Gas Corp. (NYSE: LD) was the successful bidder at $133,250,000. The sale of Costilla's properties is subject to entry of the order approving the sale by the Bankruptcy Court. 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.
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Company News On-Call:
800-758-5804, ext. 126873
CONTACT:
Guy McCrary of Costilla Energy, Inc.,
915-683-3092
