WGR Western Gas Res

DENVER, Nov. 10 /PRNewswire-FirstCall/ -- Western Gas Resources, Inc. ("Western" or the "Company") (NYSE:WGR) today announced that it intends to file a Form 12b-25 with the Securities and Exchange Commission requesting an automatic 5-day extension to file its Form 10-Q for the third quarter ended September 30, 2005. The Company in conjunction with its auditors is reviewing the accounting treatment of its gas storage and gas transportation contracts currently accounted for as derivatives. In 2001, upon adoption of FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, the Company determined that these contracts should be treated as derivatives and since that time has consistently applied the same methodology. As a result of the review of these contracts, the Company needs additional time to complete and file the Quarterly Report on Form 10-Q for the period ended September 30, 2005. Previously, on November 8, 2005, the Company issued a press release announcing its third quarter 2005 financial results. The Company is unable to determine at this time if the revenue line item "Price risk management activities" will be affected by the review mentioned above. The components of "Price risk management activities" under review are non-cash items as presented on the Consolidated Statement of Cash Flows. Company Description. Western is an independent natural gas explorer, producer, gatherer, processor, transporter and energy marketer. The Company's producing properties are located primarily in Wyoming, including the developing Powder River Basin coal bed methane play, where Western is a leading acreage holder and producer, and the rapidly growing Pinedale Anticline. The Company also owns and operates natural gas gathering, processing and treating facilities in major gas-producing basins in the Rocky Mountain, Mid-Continent and West Texas regions of the United States. For additional Company information, visit Western's web site at http://www.westerngas.com/. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding financial results. Although the Company believes that its expectations are based on reasonable assumptions, Western can give no assurances that its projections are accurate. These statements are subject to a number of risks and uncertainties, which may cause actual results to differ materially. These risks and uncertainties include, among other things, the nature of the Company's derivative contracts, the liquidity of the markets on which such derivatives are traded and other factors as discussed in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. DATASOURCE: Western Gas Resources, Inc. CONTACT: Investors, Ron Wirth, Director of Investor Relations of Western Gas Resources, Inc., +1-800-933-5603, or +1-303-252-6090, Web site: http://www.westerngas.com/

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