BURLINGTON RESOURCES INC.

BURLINGTON RESOURCES INC.

March 01, 2005 07:00 ET

Burlington Resources Investor Meeting Will Highlight Expansion of Company's Drilling Inventory, Bossier Natural Gas Discovery


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BURLINGTON RESOURCES INC.

NYSE SYMBOL: BR

MARCH 1, 2005 - 07:00 ET

Burlington Resources Investor Meeting Will Highlight
Expansion of Company's Drilling Inventory, Bossier
Natural Gas Discovery

HOUSTON--(CCNMatthews - Mar 1, 2005) -

Burlington Resources Inc. (NYSE:BR) today announced that topics
addressed during this morning's 2005 Management Meeting with financial
analysts and investors will include the growth of its long-term project
inventory to 7 trillion cubic feet of equivalent natural gas (Tcfe)
potential, as well as a natural gas discovery in the Bossier Trend in
East Texas. The meeting will also review Burlington's plans for
continued production growth, and the company's operational progress and
financial strength. The meeting, which will be held at the New York
Stock Exchange in New York, will be webcast on Burlington's Web site
from 10 a.m. to noon Eastern time today (see information below).

"We'll discuss in detail the reasons behind our confidence that we can
continue meeting our dual long-term goals of achieving production volume
growth of 3 percent to 8 percent annually, as well as sector-leading
returns on capital employed -- accomplishments that we believe are
unique in our industry sector," said Bobby Shackouls, Burlington
chairman, president and chief executive officer. "We'll also review our
prospects for generating substantial free cash flow in most commodity
price environments, and discuss the options available to us for
utilizing this cash flow."

Burlington further announced that its 7 Tcfe portfolio of available
opportunities represents at least five years of drilling and development
work at current activity levels. The company utilizes exploration,
exploitation and development activity as well as ongoing resource
assessment studies to replace its production with new reserves and
replenish and expand its long-term project inventory.

Additionally, management will disclose further details during the
meeting on Burlington's exploratory and development success in the
Bossier Trend, located approximately 30 miles north of Bryan, Texas.
Natural gas production there is approximately 45 million cubic feet per
day (MMcfd) net to the company and could double by year-end as
additional wells are completed and tied in. Over the past two years,
Burlington conducted an unconventional resources exploration effort that
discovered highly overpressured natural gas in a lower Bossier sand
formation. Four wells are currently producing from this sand and
additional wells are awaiting completion of field infrastructure. Two of
these wells are each currently producing approximately 30 MMcfd gross.
Burlington has expanded its leaseholdings to 71,000 net acres in the
area and currently plans to drill about 20 additional wells during 2005.

The company will also provide an update on the status of its ongoing
stock repurchase program. During January and February of 2005,
Burlington repurchased approximately 2.5 million common shares for
$112.5 million, at an average price of about $44.40 per share.
Approximately $840 million remains available in the current share
repurchase authorization.

Burlington further announced that repairs are continuing at the Rivers
sour gas processing facility in Barrow, England. After production began
from the Rivers Fields complex during October of 2004, the plant
encountered start-up problems that are being addressed through repair
work. The field reservoir performed as expected while onstream.
Burlington's 2005 production guidance is unchanged.

A live audio and video webcast of the 2005 Management Meeting will occur
on Tuesday, March 1, 2005 from 10 a.m. to noon Eastern time. The webcast
can be accessed on the company's Web site (www.br-inc.com) by selecting
the Investor Relations page, then the Live & Recorded webcast page. That
page will display links to the webcast, as well as to the slides used in
the presentations. A replay of the webcast will be available from 5 p.m.
Eastern time March 1 through midnight on April 15, 2005, at the same Web
address.

Burlington Resources ranks among the world's largest independent oil and
gas companies, and holds one of the industry's leading positions in
North American natural gas reserves and production. Headquartered in
Houston, Texas, the company conducts exploration, production and
development operations in the U.S., Canada, the United Kingdom, Africa,
China and South America. For additional information see the Burlington
Resources Web site at www.br-inc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain projections and other forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. Any such projections or statements reflect the
company's current views with respect to future events and financial
performance. No assurances can be given, however, that these events will
occur or that such projections will be achieved and actual results could
differ materially from those projected. A discussion of important
factors that could cause actual results to differ materially from those
projected is included in the company's periodic reports filed with the
Securities and Exchange Commission.

CAUTIONARY NOTE

The U.S. Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible
under existing economic and operating conditions. We use certain terms
in this press release, such as "long-term project inventory (of) 7
Tcfe," and "7 Tcfe of available opportunities," that the SEC's
guidelines strictly prohibit us from including in filings with the SEC.
Investors are urged to consider closely the disclosure in our Form 10-K,
File No. 1-9971 available from Burlington Resources Inc., 717 Texas
Avenue, Suite 2100, Houston, Texas 77002. You can also request this form
from the SEC by calling 1-800-SEC-0330.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Burlington Resources Inc., Houston
    Financial: John Carrara, 713-624-9548
    or
    Media: James Bartlett, 713-624-9354
    www.br-inc.com