Spinnaker Halts Production Ahead of Ivan

Spinnaker Exploration reports that net daily production of 55-60 million cubic feet of gas equivalent (MMcfged) is currently shut-in in anticipation of Hurricane Ivan. The affected production operations are all situated in the Central Gulf of Mexico. The duration of the shut-in period is uncertain, but could total 6-10 days, depending upon Ivan's track and any damage ultimately sustained due to the storm.

Additionally, drilling or completion operations have been suspended at four locations where Spinnaker is either the operator or where the Company holds an interest. Completion operations at the Green Canyon 338 A-6 in the Front Runner Field have been suspended. It is anticipated that drilling and completion operations at these locations could be affected for a period of 7-10 days.

A total of 224 personnel working in these production and drilling operations have or are being evacuated, including 78 from the Front Runner Spar.