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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November
19, 2002 SOUTHWESTERN ENERGY COMPANY (Exact name of registrant as specified in its charter) Arkansas 1-8246 71-0205415 (State of incorporation (Commission (I.R.S. Employer or organization) File Number) Identification No.) 2350 N. Sam Houston Pkwy. E., Suite 300, Houston,
Texas 77032 (Address of principal executive offices, including zip
code) (281) 618-4700 (Registrant's telephone number, including area code) No Change (Former name, former address and former fiscal year; if
changed since last report) - 1 - Item 5. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SOUTHWESTERN
ENERGY COMPANY Registrant DATE: BY: /s/
GREG D. KERLEY Greg D. Kerley Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - 2 - NEWS RELEASE SOUTHWESTERN ENERGY COMPANY ANNOUNCES SALE OF Company Sells Oklahoma Properties to Focus on Areas of Greater
Return Houston, Texas - November 19, 2002...Southwestern Energy Company (NYSE: SWN) today announced the
closing of the sale of its Mid-Continent properties in Oklahoma. The Company
sold its non-strategic Oklahoma properties for a total of $26.9 million to a
privately held firm. The sale
properties are located predominantly in the Sho-Vel-Tum area of southern
Oklahoma, the Anadarko Basin in western Oklahoma and the Sooner Trend of
northwest Oklahoma. Total proved reserves for the properties were estimated at
33 Bcf equivalent (Bcfe), of which 24.7 Bcfe was classified as proved developed
producing. The properties included over 700 oil and gas wells that were
producing approximately 6.5 million cubic feet equivalent per day net to
Southwestern's interest. The effective date of the sale was October 1, 2002. "The sale of
these non-core assets allows us to focus our efforts on areas where we can
create the most value for our shareholders," said Harold Korell,
Southwestern's Chairman, President and Chief Executive Officer. "We
continue to focus on discounted value added per dollar invested and believe that
the combination of our activities in the Arkoma Basin, East Texas and South
Louisiana will yield positive results." Southwestern
Energy Company is primarily focused on natural gas and is engaged in oil and gas
exploration and production, natural gas gathering, transmission, and marketing,
and natural gas distribution. Additional information on the Company can be found
on the Internet at http://www.swn.com.
Exhibits
(99.1)
Press release dated November 19, 2002, announcing the sale of Oklahoma
properties.
November 20, 2002
99.1
Press
release dated November 19, 2002, announcing the sale of Oklahoma
properties.
2350 North Sam Houston Parkway
East
Suite 300
Houston, Texas 77032
(281) 618-4700 Fax: (281) 618-4820
OKLAHOMA PROPERTIES
Contacts: | Greg D Kerley | Brad D. Sylvester, CFA | ||
Executive Vice President | Manager, Investor Relations | |||
and Chief Financial Officer | (281) 618-4897 | |||
(281) 618-4803 | ||||
All statements, other than historical financial information, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, the timing and extent of changes in commodity prices for gas and oil, the timing and extent of the Company's success in discovering, developing, producing, and estimating reserves, property acquisition or divestiture activities that may occur, the effects of weather and regulation on the Company's gas distribution segment, increased competition, legal and economic factors, governmental regulation, the financial impact of accounting regulations, changing market conditions, the comparative cost of alternative fuels, conditions in capital markets and changes in interest rates, availability of oil field services, drilling rigs, and other equipment, as well as various other factors beyond the Company's control. A discussion of these and other factors affecting the Company's performance is included in the Company's periodic reports filed with the Securities and Exchange Commission including its Annual Report on Form 10-K/A for the year ended December 31, 2001.# # #
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