Mission Resources Increases Stake in Operated Properties

Mission Resources has acquired additional working interests in the Chocolate Bayou, Southwest Lake Boeuf, Backridge and West Lake Verret fields for approximately $11 million, before customary adjustments. The net reserves attributable to the interests being acquired are approximately 6.4 billion cubic feet of gas equivalent and the net daily production volumes equal approximately 2.3 million cubic feet of gas equivalent. The interests acquired approximately double Mission's current ownership in the fields and Mission currently is the operator of these fields. The acquisition was funded by the company's senior secured revolving credit facility.

The following table more fully describes the properties.

Field                   County/Parish      State         WI Acquired
Chocolate Bayou         Brazoria           Texas           27.5 %
Southwest Lake Boeuf    Lafourche          Louisiana        45.9%
Backridge               Cameron            Louisiana       45.4 %
West Lake Verret        St. Martin         Louisiana       51.0 %

"We are pleased to take this additional step in our action plan, which includes aggressively pursuing acquisitions of producing properties," said Robert L. Cavnar, Chairman, President and Chief Executive Officer. "We are looking to increase ownership in our current property base while continually seeking other transactions."


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