HOUSTON, Feb. 5 /PRNewswire-FirstCall/ -- Ocean Energy, Inc. (NYSE: OEI)
has entered into a production-sharing contract with the government of
Equatorial Guinea covering Corisco Bay Block N, a 678,000-acre (approximately
2,750 sq. kilometers) concession in the Rio Muni Basin offshore the mainland
of Equatorial Guinea. The agreement increases Ocean's overall holdings in
Equatorial Guinea to more than two million gross offshore acres.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020205/DATU051 )
"The addition of Block N significantly increases our acreage in this area
of West Africa, a strategic focus of Ocean's international offshore
exploration efforts," said James T. Hackett, chairman, president and chief
executive officer of Ocean Energy. "We are pleased to be partners in a
project that will advance the development of Equatorial Guinea's oil and gas
resources."
Block N is located south of the Ceiba field and three more recent industry
discoveries, and north of the Northern Gabon Salt Basin. The block lies in
varying water depths up to 660 feet (200 meters).
Ocean's subsidiary, Ocean Equatorial Guinea Corporation, will hold a
30 percent participating working interest in the block. A wholly owned
subsidiary of PETRONAS, Carigali Overseas SDN BHD., will hold a 60 percent
working interest and operate the block, with Vanco Equatorial Guinea Ltd.
holding the remaining 10 percent. GEPetrol, the national oil company of
Equatorial Guinea, will have a 15 percent carried interest in the block.
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 periodic reports and other documents filed with the
SEC. Actual results may vary materially.
SOURCE Ocean Energy, Inc.
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Related links:
http://www.oceanenergy.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020205/DATU051
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Company News On-Call:
http://www.prnewswire.com/comp/913463.html
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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