Hilcorp Energy to Divest Non-Core Producing Properties

Hilcorp Energy plans to sell certain non-core producing properties in Louisiana, Texas and Mississippi, including interests in the following fields: Louisiana: Bayou Bouillon in St. Martin Parish, Crocodile Bayou in St. Martin Parish, Frog Lake in Iberville Parish, Kaplan in Vermilion Parish, and Potash in Plaquemines Parish; Mississippi: Tallahala Creek in Smith County; Texas: Giddings in Fayette County, Live Oak Lake in Goliad County, Pleasant Bayou in Brazoria County. The only properties not operated by Hilcorp are Giddings in Brazos County and Giddings in Grimes County, which are operated by Anadarko and Arrow & Swift, respectively.

Hilcorp's assets in these fields include interests in approximately 35 producing wells. In addition to proved producing reserves, significant proved developed non-producing and proved undeveloped reserves are included in the package. Hilcorp is offering to sell these assets effective July 1, 2003.

These assets will be sold through a negotiated sale. Technical data will be available for review and analysis in May 2003 at Hilcorp's Houston office.


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