HOUSTON, Dec. 15 /PRNewswire/ -- The Board of Directors of Ocean Energy
(NYSE: OEI) announced today that James T. Hackett, President and Chief
Executive, will assume the additional responsibilities of Chairman, effective
January 2000. Hackett succeeds James C. Flores, who will continue to serve as
Vice Chairman and a member of the Board of Directors.
"I am proud of our management team's successful completion of our
restructuring during 1999 and the establishment of a cost effective operation
and strategic growth plan," said Flores. "Jim Hackett has my full endorsement
in his leadership role and I am confident he can deliver superior value for
Ocean Energy's shareholders. I will continue to support Jim through my Board
and Vice Chairman duties."
"Ocean Energy enters the new century positioned for significant growth as
we launch an aggressive exploration and exploitation program in some of the
most promising oil and gas basins in the world," said Hackett. "We have
assembled an excellent management and technical team that is focused on
expanding our asset base and increasing our shareholder value."
Hackett was elected President and Chief Executive Officer of Ocean upon
its merger with Seagull Energy Corporation in March 1999. Previously, he
served as Chairman, Chief Executive Officer and President of Seagull.
Flores was one of the founders of Flores & Rucks, Inc., the predecessor to
Ocean Energy. Under his leadership, Ocean grew to an oil and gas exploration
and production company with pre-merger annual revenues in 1998 of $550 million
and approximately $2 billion in assets. Today, he remains the company's
largest shareholder, and is active in leadership roles in a number of industry
associations.
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, Midcontinent and Rocky Mountain
regions. Internationally, the Company explores for and produces oil and gas
in West Africa (Cote d'Ivoire and Equatorial Guinea), Egypt, Russia and
Indonesia. Ocean Energy also has exploration programs underway in Angola,
Pakistan and Yemen.
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, 1998. 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:
William L. Transier, Executive Vice President
and Chief Financial Officer of Ocean Energy, Inc., 713-265-6161
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