HOUSTON, Oct. 26 /PRNewswire/ -- Ocean Energy, Inc. (NYSE: OEI) announced
today that its Board of Directors has approved additional discretionary
repurchases of up to 1.3 million shares of OEI common stock. The repurchases
will be funded with available working capital and are designed to offset any
dilution to Ocean's shareholders associated with the issuance of shares
pursuant to Ocean's stock option and other benefit plans. Since January 1,
2000, Ocean has acquired approximately 1.7 million OEI shares to offset option
exercises and issuances of shares for other benefit plans.
Repurchases will be made from time to time depending on market conditions,
in the open market or in privately negotiated transactions, and may be
discontinued at any time.
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, Ocean conducts oil and gas
activities in the West African countries of Cote d'Ivoire, Equatorial Guinea
and Angola, and in the countries 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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