HOUSTON, Jan. 8 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) has
acquired an interest in Block 10, offshore Angola, a 1.2 million-acre
concession.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020108/DATU040 )
"The addition of Block 10 significantly increases our acreage in Angola, a
strategic focus area for Ocean's international offshore exploration effort,"
said James T. Hackett, chairman, president and chief executive officer of
Ocean Energy. "Block 10 is also located adjacent to Block 24, where we are
currently conducting exploration activities. We are happy to be joining
Sonangol in another important partnership in advancing Angola's future
economic growth."
Ocean's subsidiary, Ocean Angola Corporation, will hold a 35 percent
working interest and serve as operator of the block. Sonangol will hold a
20 percent working interest with the remaining 45 percent to be awarded to
yet-to-be-named parties. The block lies in varying water depths to 1,500 feet
at the deepest in the Benguela Basin, a sub-basin of the Kwanza Basin.
The agreement increases Ocean's overall holdings in Angola to 3.6 million
gross offshore acres. The company is the only U.S. independent to be chosen
as an operator in the country where there have been multiple major discoveries
in the last five years.
Ocean Energy, Inc. is an independent energy company engaged in the
exploration, development, production, and acquisition of crude oil and natural
gas. North American operations are focused in the shelf and deepwater areas
of the Gulf of Mexico, the Rocky Mountains, Permian Basin, Arklatex, Anadarko,
East Texas and the Gulf Coast regions. Internationally, Ocean holds a leading
position among U.S. independents in West Africa with oil and gas activities in
Equatorial Guinea, Angola and Cote d'Ivoire. The company also conducts
operations in Egypt, the Russian Republic of Tatarstan, Brazil, Pakistan, and
Indonesia.
Certain statements in this news release regarding future expectations,
plans for acquisitions, dispositions, and oil and gas reserves, exploration,
development, production and pricing may be regarded as "forward-looking
statements" within the meaning of the Securities Litigation Reform Act. They
are subject to various risks, such as operating hazards, drilling risks, the
inherent uncertainties in interpreting engineering data relating to
underground accumulations of oil and gas, as well as other risks discussed in
detail in the Company's SEC filings, including the Annual Report or Form 10-K
for the year ended December 31, 2000. Actual results may vary materially.
SOURCE Ocean Energy, Inc.
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Related links:
http://www.oceanenergy.com
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020108/DATU040
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Company News On-Call:
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CONTACT:
financial, Bruce Busmire, +1-713-265-6161, or
media, Janice Aston White, +1-713-265-6164, both of Ocean Energy,
Inc.
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