Zapata Energy Drills 16 Wells in Second Quarter 2004

Zapata Energy pursued an aggressive 16-well (13.0 net) drilling program in the second quarter, resulting in seven (5.4 net) gas wells, five (4.3 net) oil wells and four (3.3 net) abandonments. These wells are anticipated to contribute to the Company's daily production in the third quarter.

Zapata exceeded its targeted exit rate of 3,000 boe/d for the second quarter and is currently producing at approximately 3,300 boe/d. Sales for the period are expected to average 2,400 boe/d as production was restricted by wet spring weather, operational problems and maximum rate limitations.

During 2004, the Company has drilled a total of 25 (15.6 net) wells, resulting in 15 (seven net) gas wells, five (4.3 net) oil wells and five (4.3 net) abandonments. An eight-well drilling program (100 percent owned) will commence in August. Additional drilling programs are scheduled for September and October.

The Company is targeting a third quarter exit rate of 3,700 boe/d as wells from the spring drill program are tied in. The planned drilling programs are expected to grow Zapata's production to in excess of 4,000 boe/d by year end.

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