Basin Exploration, Inc. has participated in two successful wells on West Delta 58 and West Delta 122, respectively, in the U.S. Gulf of Mexico. The well on West Delta Block 58 was drilled to a subsea true vertical depth of 11,300 feet and logged in excess of 150 net feet of oil and gas/condensate pay. The company plans to temporarily suspend the well pending completion and installation of facilities later in the year. Basin retained a 100 percent working interest in this well. Diamond Offshore's, Ocean Crusader which is currently on West Delta Block 58 will next be moved to West Delta Block 98 to spud another exploratory well, but Basin expects to drill one or more additional exploratory wells on West Delta Block 58 later this year. The #A-3 well on West Delta Block 122 logged an aggregate of more than 200 net feet of oil and gas pay after reaching a true vertical depth of 14,525 feet. This well was drilled by Rowan Companies jackup, Rowan Paris. The pay sands included approximately 150 net feet associated with the development of proved reserves and in excess of 50 net feet in multiple exploratory sands at lower depths that were previously unproven. The well is currently being completed for immediate production through existing facilities on the block. Another well with both development and exploratory potential is expected to be spudded shortly to test adjacent West Delta Block 121, and additional wells are possible. Basin owns a 25 percent working interest in West Delta Blocks 121 and 122, in association with the operator, Vastar Resources, Inc. who holds a 51 percent interest, and Santa Fe Snyder Corporation which holds 24 percent.

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