HOUSTON, March 26 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) and
EnSight Resources, L.L.C. today announced the signing of a definitive purchase
and sale agreement for Ocean Energy to acquire all of EnSight's oil and gas
assets located primarily in East Texas and North Louisiana. The approximately
$121 million transaction is anticipated to close on or before April 20 with an
effective date of January 1, 2001.
Ocean estimates total proved reserves of approximately 104 billion cubic
feet of natural gas equivalent, of which 88 percent is gas reserves, with
current production of approximately 23 million cubic feet of gas equivalent
per day.
"These assets are ideally situated in and around existing Ocean-operated
properties and complement our strong position in East Texas and North
Louisiana," said John D. Schiller, Ocean Energy executive vice president --
operations. "We have identified a significant number of opportunities that
will enhance our project inventory and create operational synergies that will
benefit our cost structure in this area."
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, Mid-continent and Rocky Mountain
regions. Internationally, Ocean holds a leading position among U.S.
independents in West Africa with oil and gas activities in Equatorial Guinea,
Cote d'Ivoire and Angola. The company also conducts operations in the
republics of Egypt, Tatarstan, 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
Company News On-Call:
http://www.prnewswire.com/comp/913463.html or fax,
800-758-5804, ext. 913463
CONTACT:
Bruce Busmire, financial, 713-265-6161, or
Janice Aston White, media, 713-265-6164, both of Ocean Energy
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