HOUSTON, Oct. 10 /PRNewswire/ -- Ocean Energy (NYSE: OEI) announced today
the successful drilling of an exploratory well on its East Zeit concession
located offshore Egypt in the Gulf of Suez.
The East Zeit A-21 wildcat well was drilled to a total depth of
16,300 feet and encountered approximately 745 feet of oil pay. Initial
production from the well should begin before the end of the month.
Delineation and further development of the field is planned for 2002. Ocean
holds a 100 percent working interest in the East Zeit field.
"This discovery could yield another 40 to 80 million gross barrels, a
significant addition to the approximately 87 million barrels of oil produced
to date from the East Zeit field," said John Schiller, executive vice
president of operations. "This discovery exemplifies the appreciable
exploration upside that remains in what is considered a mature province."
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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