HOUSTON, June 20 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) was
successful bidder on two deepwater blocks offshore Brazil during the country's
third round auction of oil exploration licenses.
"This establishes our foothold in all three areas of the Golden Triangle
-- deepwater regions recognized as some of the most prolific in the world --
that includes deepwater Gulf of Mexico, offshore West Africa and Brazil," says
James T. Hackett, chairman, president and chief executive officer. "Its also
positions us as an operator in an area with some of the largest, most-
respected names in the business."
Ocean was named operator with a 65 percent working interest in Block
BM-C-15 in the Rio de Janerio State that lies in the Campos Basin, a region
with the industry's most discovered deepwater reserves. The block covers
494,000 acres, the size of 86 Gulf of Mexico blocks, with water depths ranging
from 8,200 to 9,200 feet. Amerada Hess Corporation (NYSE: AHC) holds the
remaining 35 percent interest.
The second deepwater block, BM-S-22, is located in the Santos Basin that
lies in the southeastern part of the Brazilian Continental Margin, along the
coast of the Sao Paulo State. Water depths in the 684,000-acre area -- the
equivalent of 119 Gulf of Mexico blocks -- range from 7,200 to 7,550 feet.
Ocean holds a 20 percent working interest in the block with Amerada Hess
holding an 80 percent interest and serving as operator.
The execution of concession agreements for each of the blocks is expected
on or before Sept. 29, 2001. The blocks will be overseen by Brazilian
subsidiaries of Ocean Energy that are under formation.
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:
financial, Bruce Busmire, 713-265-6161, or
media, Janice Aston White, 713-265-6164, both of Ocean Energy,
Inc.
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