Third Well from King Kong/Yosemite Begins Production

Mariner Energy, Inc. announced that its third well of the "King Kong/Yosemite" discovery in the Gulf of Mexico commenced production on April 5, 2002. Total production has increased to a gross rate of approximately 160 million cubic feet of natural gas per day.

The King Kong/Yosemite project, located in Green Canyon blocks 472, 473 and 516 is currently producing from all three wells in a water depth of approximately 3800 feet. All three wells are connected to a subsea manifold then to Agip's Allegheny tension leg platform, located approximately 15 miles away in Green Canyon block 254, which serves as the host facility. Mariner has a 50 percent working interest with Agip Petroleum, the U.S. upstream subsidiary of Eni Spa, owning a 50 percent working interest in Green Canyon Blocks 472 and 473. Mariner has a 44 percent working interest with Agip owning 50 percent working interest and Noble Drilling Exploration Company owning the remaining 6 percent working interest in Green Canyon 516. As planned, Mariner transferred operatorship of the King Kong/Yosemite project to Agip, the host operator, on April 15, 2002.