Mission Resources Completes Asset Review

Mission Resources reports that the evaluation of strategic alternatives designed to enhance stakeholder value has been completed. The process involved 1) a top-to-bottom review of the existing asset base and opportunity set, 2) an assessment of the markets: commodities, transaction, debt and equity, and 3) an evaluation of Mission's strengths and challenges in the current environment.

"A wide range of potential options has been considered in these last two months," said Robert L. Cavnar, Mission's chairman, president and chief executive officer. "We have concluded that our existing asset base remains under-exploited and that we have a strong menu of internal opportunities to create value for the Company. We have also determined that the potential exists for us to acquire desirable assets. In addition, we recognize the availability of debt and equity capital, if needed, to finance attractive growth opportunities."

"Our action plan is to move forward as follows: 1) expand our exploration program in our core areas, 2) aggressively pursue acquisitions of producing properties, 3) hedge as appropriate to protect our investments, 4) continue to divest non-core properties for good value, 4) expand bank facilities as needed while maintaining discipline in our capital structure, and 5) maintain an opportunistic posture."