Evergreen Resources Inc.

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UPDATED, Evergreen Resources Inc., Denver, (NYSE: EVG) reports it has not received an acceptable offer for the company's interests in the Forest City Basin in eastern Kansas, in which it holds a 100% working interest in 766,000 net acres and 60 wellbores. Evergreen's objective has been to sell these interests prior to the completion of its merger with Pioneer Natural Resources, Dallas (NYSE: PXD). Randall & Dewey was marketing the asset. The company is currently pursuing other alternatives to monetize these interests. In the event that Evergreen is unable to sell the Kansas properties, Pioneer will acquire them pursuant to the terms of the merger agreement, which will amount to approximately $15 million.