BASIN DISCOVERIES

Basin Exploration, Inc. announced it has recently drilled an apparent discovery well in the Gulf of Mexico on East Cameron Block 220 with Diamond Offshore's jackup' Ocean Crusader, and that it encountered additional pay sands in deepening a previously announced discovery well on West Delta Block 59. The exploratory well on East Cameron Block 220 encountered an estimated 69 net feet of oil and gas/condensate pay in its primary objective below a true vertical depth of 12,280 feet. The well is being completed and will be placed on production through an existing platform on the property. Basin operates East Cameron Block 220 with a 50 percent working interest below the 11,300' sand, including all pay sands logged in the #A-12 well, and a 100 percent working interest in the remainder of the property, including previously established producing horizons. Duke Energy Hydrocarbons, LLC owns a 50 percent working interest in the block below the 11,300' sand. Basin previously reported that it intended to extend the drilling of the OCS-G 16473 #1 well on West Delta Block 59 below the initial planned depth, after logging an estimated 347 net feet of oil and gas/condensate pay in multiple Miocene-aged sands. Subsequently, the well was deepened by approximately 1,000 feet to a true vertical depth of approximately 13,362 feet and logged an estimated 50 net feet of additional oil and gas/condensate pay in two sands. Further development plans for the new field discovery are being formulated and the company anticipates establishing initial production from the property by mid-2000. Basin operates West Delta Block 59 with a 47 percent working interest. Other owners include Case-Pomeroy Oil Corporation with 14 percent, The Northwestern Mutual Life Insurance Company with 11 percent and Tana Oil and Gas Corporation with the remaining 3 percent.
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