HOUSTON, June 3 /PRNewswire-FirstCall/ -- Ocean Energy, Inc. (NYSE: OEI)
announced that on May 31, 2002, it entered into a four-year $1 billion
Revolving Credit Agreement with 21 leading U.S. and international commercial
and investment banks. The new credit facility replaces an existing
$500 million facility which was scheduled to mature in March 2004.
"We are very pleased to have extended by two years and doubled the amount
of our revolving credit facility," said William L. Transier, executive vice
president and chief financial officer. "Not only does it assure Ocean Energy
of having substantial long-term liquidity with which to execute the company's
growth strategy, but it is also a strong vote of confidence in Ocean from the
international financial community."
Ocean Energy's obligations under the Revolving Credit Agreement are
unsecured. A portion of the proceeds of the credit facility were used to
repay Ocean Energy's existing indebtedness under its previous credit facility.
The additional proceeds of the credit facility will be used for working
capital and general corporate purposes.
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, Russia, 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
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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