Spinnaker Participates in 8 High Bids in GOM

Spinnaker Exploration Company provided a summary of its activities related to OCS Sale #181, covering tracts offered in the Eastern Gulf of Mexico by the Minerals Management Service. Preliminary results were announced by the MMS today in New Orleans.

Spinnaker participated in a total of 26 bid submissions, third most by industry for OCS Sale #181. All blocks bid by Spinnaker are located in water depths greater than 6,500 feet and are approximately 5,760 acres in size.

Spinnaker participated in the Apparent High Bid (AHB) on a total of eight blocks. Spinnaker's net exposure to the AHBs is approximately $3.4 million. Spinnaker does not anticipate operating any of the tracts. Spinnaker participated in five AHBs with a 20% interest and three AHBs with a 33% interest.