Pure Resources Forms Committee To Evaluate Unocal Offer

Pure Resources, Inc. has created a special committee of independent directors to evaluate the previously announced proposal by Unocal Corporation to commence an exchange offer to Pure Resources' stockholders to acquire all of the outstanding shares of common stock of Pure Resources that it does not already own. The special committee has retained Credit Suisse First Boston Corporation and Petrie Parkman & Co., Inc. as its financial advisors and Baker Botts L.L.P. as its legal counsel.

Pure Resources requests its stockholders to defer making a determination whether to accept or reject the exchange offer until they have been advised of Pure Resources' special committee's position with respect to the exchange offer.