HOUSTON, Aug. 23 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) and
partners were the apparent high bidders on 11 blocks in the Western U.S. Gulf
of Mexico Lease Sale 177 held earlier today. The bids are subject to approval
by the U.S. Interior Department's Minerals Management Service (MMS).
Ten of the blocks are located in the deepwater East Breaks area in water
depths ranging from 3,200 feet to 4,000 feet. If awarded, Ocean will hold a
50 percent interest in nine of these blocks and a 20 percent interest in the
other. The company also gained 100 percent ownership of a block located in
the High Island area of the shelf.
The 11 new blocks would add 59,560 gross acres to the company's Gulf of
Mexico holdings and bring its total number of blocks in the Gulf to 296,
including 83 in the deepwater.
"The deepwater leases are strategically located near our significant
Nansen and Boomvang discoveries in the East Breaks area of the Western Gulf,"
said James T. Hackett, Chairman, President and Chief Executive Officer.
"These additional holdings could enhance our Gulf of Mexico asset portfolio as
we continue to increase our deepwater exploration activity there."
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 republics of Egypt, Tatarstan,
Pakistan and Yemen.
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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