HOUSTON, Jan. 26 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) today
announced that it has executed a purchase and sale agreement for an agreed
price of $86 million to sell all of its interests and assets in its East Bay
Complex. The properties consist of South Pass 24, South Pass 27 and South
Pass 39 Fields, located in the Mississippi Delta Region of the Gulf of Mexico.
The transaction is expected to close March 31, 2000, subject to normal and
customary conditions.
"This step represents our continued focus on improving the economics of
our asset base," said James T. Hackett, Chairman, President and Chief
Executive Officer. "Rotating out of our less efficient assets allows us to
re-deploy capital to our higher margin inventory."
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 Permian Basin, Midcontinent and Rocky Mountain
regions. Internationally, the Company explores for and produces oil and gas
in West Africa (Cote d'Ivoire and Equatorial Guinea), Egypt, Russia and
Indonesia. Ocean Energy also has exploration programs underway in Angola,
Pakistan and Yemen.
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 on Form 10-K
for the year ended December 31, 1998. Actual results may vary materially.
SOURCE Ocean Energy, Inc.
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Related links:
http://www.oceanenergy.com
Company News On-Call:
http://www.prnewswire.com/comp/913463.html or fax,
800-758-5804, ext. 913463
CONTACT:
William L. Transier, Executive Vice President
and Chief Financial Officer of Ocean Energy, Inc., 713-265-6161
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