Spinnaker Reduces First Quarter Reserve Estimate

Spinnaker Exploration Company (NYSE: SKE) announced it expects production for first quarter of 10.3 billion cubic feet of gas equivalent (Bcfe). This amount is less than the previously anticipated 11.0 Bcfe.

The reduction is the result of two factors; the previously announced work on a pipeline in the Brazos area that took substantially longer than anticipated and weather in the Gulf of Mexico that caused delays in start-up of several key projects the Company was expecting to add volumes in the quarter. The reduction in the anticipated production volumes does not relate to any reservoir performance issues.