September 6, 2005 – Dallas, Texas – Due to the flooding of its Metairie, Louisiana office Biloxi Marsh Lands Corporation (Pinksheets:BLMC) has temporarily relocated its office. All critical electronic files including but not limited to all 3D seismic data were successfully evacuated. After flood waters recede, we plan to make an assessment of the office facilities and determine where to locate our permanent office.
On September 1, 2005 using a fixed wing aircraft Biloxi Marsh Lands Corporation’s environmental consultant conducted and aerial over-flight of the Company’s property. According our environmental consultant, at the time of the aerial survey the storm surge had receded and the water level had returned to normal. From the aerial view, it appeared that the interior marsh land from the Mississippi River Gulf Outlet to Bayou Grande sustained little discernable damage. Large pieces and chunks of storm deposited vegetation normally seen floating in interior ponds following hurricane force winds and waves were not found in the area inspected. Many trees along the Bayou La Loutre Ridge were blown over and broken. There were large amounts of debris and vegetation litter deposited along the Ridge, and along the banks of canals and bayous. As of this time, without an on the ground assessment, it appears that the Company’s property weathered the hurricane relatively well with little loss of land. We plan to conduct a more detail aerial survey using a helicopter this week, with on the ground surveys to follow.
As of the date of this release all production of hydrocarbons emanating from the company’s property is shut in awaiting repairs to production facilities which were damaged by the hurricane. According to The Meridian Resource Corporation (NYSE:TMR), while they are still in the process of completely evaluating the situation, they are already in the rebuilding phase and hope to have a substantial amount of their production on line within the next 15 to 20 days with the balance returning within 60 days. Manti Resources, Inc. advises that they are still in the process of completely evaluating their situation, but hope to have their wells located on Company property back on production within the next 30 to 45 days.
Biloxi Marsh Lands Corporation may be contacted via telephone at 214.536.2162 or email at [email protected]. Information will also be available on the Company’s website www.biloximarshlandscorp.com We plan to issue updated press releases as the situation changes and new information becomes available.
Biloxi Marsh Lands Corporation owns approximately 90,000 acres of marsh lands located in St. Bernard Parish, Louisiana. As the landowner, it derives the vast majority of its revenue from oil and gas exploration and production activities that take place on or near the company’s land. The company also derives minimal revenues from surface rentals.
This news release contains forward-looking statements regarding oil and gas discoveries, oil and gas exploration, development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “should”, “hopeful”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.