Houston Exploration Exercises Over-Allotment Option

The Houston Exploration Company (NYSE: THX) has closed on the sale of an additional 620,000 shares of its common stock at a public offering price of $48.00 per share in connection with the exercise of the over-allotment option granted to the underwriters of the company's recent offering of 6,200,000 shares of common stock that closed on June 2, 2004. The net proceeds to the company from the over-allotment option will be approximately $28.6 million and will be used to reduce borrowings under the company's revolving bank credit facility.

The joint book-running managers for the offering were Lehman Brothers Inc. and Goldman, Sachs & Co. Copies of the final prospectus supplement may be obtained from the offices of Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, or Goldman, Sachs & Co., c/o Prospectus Department, 85 Broad Street, New York, New York 10004.

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