Spinnaker Exploration Shut-In Due to Hurricane Katrina

Spinnaker Exploration Company announced today that net daily production of approximately 110 million cubic feet of gas equivalent is currently shut-in as a result of Hurricane Katrina. The duration of production shut-ins is unknown at this time, but some production will likely recommence by tomorrow. The eye of Hurricane Katrina appears to have passed approximately 70-80 miles east of the Company's Front Runner facility, located in Green Canyon Block 338. Spinnaker is not certain at this time when personnel will be sent back to the facility by the operator.

Additionally, drilling operations have been suspended at four locations where Spinnaker is either the operator or where the Company holds an interest. It is anticipated that drilling and completion operations at three of these locations could be resumed as early as today.

Spinnaker had evacuated all affected personnel prior to the storm's arrival.

Spinnaker Exploration Company is an independent energy company engaged in the exploration, development and production of oil and gas in the U.S. Gulf of Mexico and West Africa.

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