EX-99.1 3 d91509ex99-1.txt PRESS RELEASE DATED OCTOBER 22, 2001 Exhibit 99.1 [WESTPORT RESOURCES CORPORATION LOGO] WESTPORT RESOURCES CORPORATION 410 17TH STREET, SUITE 2300 DENVER, COLORADO 80202 WESTPORT RESOURCES COMMENCES PRIVATE PLACEMENT OF $200 MILLION OF SENIOR SUBORDINATED NOTES Denver, Colorado, October 22, 2001 - Westport Resources Corporation (NYSE:WRC) announced today that it intends to commence an offering of $200 million of Senior Subordinated Notes due 2011 through a private placement pursuant to Rule 144A. The offering of the notes, which is subject to market and other conditions, will be made within the United States only to qualified institutional buyers, and outside the United States to non-U.S. investors. Westport intends to use the net proceeds of the note offering to repay a portion of the outstanding indebtedness under its bank credit facility. The Company expects to price the notes the week of October 29, 2001. The notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy. Westport is an independent energy company engaged in oil and natural gas exploitation, acquisition and exploration activities primarily in the Gulf of Mexico, the Rocky Mountains, Permian Basin/Mid-Continent and the Gulf Coast. Contact information: Lon McCain or Jonathan Bloomfield at (303) 573-5404. FORWARD - LOOKING STATEMENTS This material includes "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. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. There are many factors that could cause forward-looking statements not to be correct, including the cautionary statements contained in this material and risks and uncertainties inherent in the Company's business set forth in the filings of the Company with the Securities and Exchange Commission. These risks include, among others, oil and gas price volatility, availability of services and supplies, operating hazards and mechanical failures, uncertainties in the estimates of proved reserves and in projections of future rates of production and timing of development expenditures, general economic conditions, and the actions or inactions of third-party operators. The Company does not undertake any obligation to update any forward-looking statements contained in this material.