Spinnaker Apparent High Bidder on Ten Gulf of Mexico Blocks

Spinnaker Exploration Company participated in a total of 12 bid submissions for the sale. Five of these blocks are located in water depths of less than 200 meters (shelf) and seven blocks in water depths greater than 200 meters (deep water).

Spinnaker participated in apparent high bids on a total of ten blocks; five on the shelf and five in the deep water. Spinnaker's net exposure to the AHBs is approximately $2.7 million.

Spinnaker's working interest averages 80% in the AHBs and the Company will serve as operator on eight of the ten blocks represented by the AHBs.

The AHBs represent approximately 57,000 gross acres and 45,000 acres net to Spinnaker. This would bring Spinnaker's gross and net holdings in the Gulf of Mexico to approximately 1,613,000 acres and 921,000 acres, respectively.
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