TEL Offshore Says There Will be No 1Q04 Distribution

TEL Offshore Trust (Nasdaq:TELOZ) announced that there will be no trust income distribution for the first quarter of 2004 for unitholders of record on March 31, 2004.

The Corporate Trustee recently received limited information from ChevronTexaco, as a working interest owner and the General Partner of TEL Offshore Trust Partnership, relating to this period. Based on this information, ChevronTexaco will not make any distribution with respect to its properties subject to the Trust's overriding royalty interest for this period, and accordingly no trust income will be available for distribution. The Trustees have not had sufficient time to completely evaluate or confirm the information provided by the General Partner, which includes anticipated adjustments to capital expenditures during prior periods that appear to offset current production revenues. The Trustees intend to complete a detailed examination and to inquire further with the General Partner concerning this information as well as to request additional information for the Trustees to understand the nature and causes of the anticipated adjustments relating to prior periods. The Trust will provide a summary of activity on the Trust properties and any other pertinent information to be provided by ChevronTexaco and other working interest owners, in, or prior to, the filing of the Trust's Form 10-Q for the first calendar quarter of 2004.

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