HOUSTON, March 16 /PRNewswire/ -- Ocean Energy (NYSE: OEI) announced today
that the Nansen #4 appraisal well drilled in the East Breaks area of the Gulf
of Mexico has successfully extended the original discovery fault block.
The 15,410-foot appraisal well drilled on East Breaks Block 602
encountered approximately 200 feet of net oil and gas pay. The well, located
in about 3,700 feet of water, has extended the reservoir found in the original
discovery well more than two miles to the northeast. Estimated gross reserves
for Nansen are now estimated to be between 120 to 158 million barrels of oil
equivalent. Several development wells are planned which will test additional
potential.
"These results confirm our optimism about the potential of this area,"
said James T. Hackett, Chairman, President and Chief Executive Officer. "The
deepwater region of the Gulf of Mexico continues to play a key role in the
high-impact exploratory program that we are pursuing in 2000."
Ocean Energy holds a 50 percent working interest in the East Breaks 602
#4 well, with the remaining interests owned by the operator Kerr-McGee Oil &
Gas Corp., a wholly owned subsidiary of Kerr-McGee Corp. (NYSE: KMG).
In conjunction with the discovery, Ocean has given preliminary approval to
development plans as announced today by Kerr-McGee. These include the
installation of two independent spars in the Nansen and Boomvang field that,
combined, will have capacity for 70,000 barrels of oil per day and 400 million
cubic feet of gas. Ocean is a 20 percent partner in the Boomvang area, which,
as previously announced, is believed to have a reserve range of 70 to
100 million barrels of oil equivalent.
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, South and East Texas, and the Mid-Continent, Permian
Basin and Rocky Mountain regions. Internationally, the Company explores for
and produces oil and gas in the West African countries of Cote d'Ivoire,
Equatorial Guinea and Angola, and in the countries of Egypt, Tatarstan,
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:
financial, Bruce Busmire, 713-265-6161, or
media, Janice Aston White, 713-265-6164, both of Ocean Energy,
Inc.
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