HOUSTON, Aug. 22 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) and
partners were the apparent high bidders on 17 blocks in the Western U.S. Gulf
of Mexico Lease Sale 180 held earlier today. The company's net total exposure
for all high bids was approximately $6.3 million. The bids are subject to
approval by the U.S. Interior Department's Minerals Management Service (MMS).
"The deepwater leases are strategically located near blocks that are part
of our existing exploratory holdings," said John Schiller, executive vice
president - operations. "These additional blocks will strengthen our position
in these areas as we continue our deepwater development and exploration
activity."
Ocean will hold a 50 percent interest in 15 blocks, and a 30 and
100 percent interest, respectively, in two others. Ten blocks are located in
the deepwater Garden Banks area located near Ocean's Red Hawk exploratory
prospect that is currently drilling. Two blocks lie in the East Breaks area
near the site of the Nansen and Boomvang fields that are under development by
OEI and its partners. Other acreage includes four blocks in the Alaminos
Canyon area, near the recently announced Trident discovery, and one in
Keathley Canyon.
The new blocks will add 97,920 gross acres to the company's extensive
holdings in the Gulf of Mexico and bring its total number of federal Gulf
blocks to 508, including 301 in the deepwater.
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 SEC filings, including the Annual Report on 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
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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