BASIN SELLS PROSPECT INTERESTS

Basin Exploration announced that is has sold partial interests in seven Gulf of Mexico leases to an undisclosed buyer. The leases contain exploratory prospects and were sold for $5.6 million. No proved oil and gas reserves were included in the sale. Basin will retain a 75% working interest in East Cameron Block 65, a 22.5% working interest in Galveston Block 190, a 50% working interest in East Cameron Block 220, Main Pass Block 265, South Pass Block 47, Vermilion Block 83 and West Delta Block 63. Basin is the operator of all the properties except Galveston Block 190. It is expected that an initial test well will be drilled on each property later this year.
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