BURLINGTON ACQUIRES “PLUTO”

Mariner Energy announced the sale of a sixty-three percent working interest in its “Pluto” project, in the deep water Gulf of Mexico, to Burlington Resources Offshore, Inc. Burlington will hold forty-nine percent ownership after project payout and Mariner’s interest will increase to fifty-one percent from the current working interest of thirty-seven percent. Mariner is the operator of the project, which covers Mississippi Canyon Blocks 673, 674, 717 and 718 in 2,800 feet of water. Development is expected to begin in July with the first production from Pluto anticipated in the fourth quarter of 1999.
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