Mariner Energy Sells Falcon Area Deepwater Projects to Pione

Mariner Energy has sold its remaining 25% working interest in 32 blocks in the Falcon are to Pioneer Natural Resources Company for $121.6 million, subject to closing adjustments, including the Falcon field and the first quarter 2003 Harrier discovery located in East Breaks 758 and 759. Mariner will retain a 4 1/4 percent overriding royalty interest on seven non-producing blocks in the Falcon Area. Pioneer also assumed certain contractual obligations relating to the Falcon Area from Mariner. The sale is effective January 1, 2003.

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