Spinnaker Makes Discovery on Goose Prospect

Spinnaker Exploration Company reports a new discovery of oil and natural gas at the "Goose" prospect. The Goose is located in Mississippi Canyon Block 751. Water depth at the location is approximately 1,600 feet. Spinnaker owns a 100% working interest and 87.5% net revenue interest in the block.

The MC 751 #1 has been drilled to a total depth of 14,288 feet, at a down- dip position in the accumulation. Approximately 110 feet gross (100 feet net) of hydrocarbon pay (true vertical depth) has been confirmed. No water contact was encountered in the well bore and reservoir quality is excellent. An up- dip sidetrack of the MC 751 #1 is now being conducted. That sidetrack is intended to test continuity in the reservoir. A second objective also exists on the block and could be accessed from the MC 751 #1 surface location.

The feasibility of various production tieback alternatives for the field are being analyzed. Pre-drill reserve estimates for the MC 751 block ranged from 10-20 million barrels of oil equivalent.

The Company has now decisioned two successful wildcats in three attempts since its last operational update. The other discovery is located in the High Island area, in approximately 50 feet of water. That new field is currently under development.

The Company expects its production for the fourth quarter to total approximately 16.2 billion cubic feet of gas equivalent (Bcfe), an increase of 9% over third quarter production of 14.8 Bcfe. Fourth quarter production was impacted approximately 1.3 Bcfge by shut-ins related to Hurricane Lili and to other mechanical issues. Those curtailments have now been resolved. Current net production is approximately 165 million cubic feet of gas equivalent per day.


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