EXPLORATION PROGRAM SLATED ON ACREAGE OFF BAHAMAS

A California independent producer has acquired exploration rights to 1.535 million acres in the untested southern Blake Plateau basin off Bahamas. Ferguson Energy Co., Bakersfield, Calif., acquired 100% interest in the tract through a Cayman Islands subsidiary, Ferguson/GDM Offshore Resources Ltd. It is seeking partners. Within 3 years, Ferguson is to spend $2 million on exploration, which might involve seismic surveys or a stratigraphic test. Term of the 3 year license can be extended to 12