Mariner Energy's Pluto project is fully operational and currently producing approximately 65 million cubic feet of natural gas per day and 10,500 barrels of oil per day. Production began on December 29, 1999, and later slowed during January and February while start-up problems were resolved. The Pluto project is located in the Deepwater Gulf of Mexico 110 miles Southeast of New Orleans, Louisiana in Mississippi Canyon blocks 673, 674, 717 and 718. Production is from a single subsea well at a water depth of 2,710 feet. A single flow line connects the well to a host platform facility located in South Pass block 89 approximately 29 miles away, which makes Pluto the second longest subsea tie-back project in the Gulf of Mexico. Mariner acquired a 100 percent interest in the project during 1997 and 1998. In June 1999, the Company sold a 63 percent working interest in the Pluto project to Burlington Resources Inc. reducing the Company's working interest to 37 percent. After project payout, the Company's working interest will increase to 51 percent and Burlington's working interest will decrease to 49 percent. The project received Deepwater Royalty Relief in July 1999, and Mariner is the operator.

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