|Monday, March 20, 2000
Spinnaker Exploration Company reports the confirmation of a significant natural gas discovery at North Padre Island Block 883. This is the first commercial discovery of hydrocarbons in the state waters of North Padre Island. The field is located approximately 40 miles south of Corpus Christi in the Texas state waters of the Gulf of Mexico. The number 2 well was drilled to a total depth of 13,490 feet by Marine Drilling's jackup, Marine 304 in water depth of approximately 80 feet. The well has confirmed a total productive area that exceeds 1,000 acres. Spinnaker anticipates that further drilling will occur in the field and additional well bore information is currently being gathered and analyzed along with the evaluation of facility and marketing options. Production from the both well #1 and #2 is anticipated by October 1, 2000. Spinnaker operates the field and owns a 35 percent working interest and a 28 percent net revenue interest. The Houston Exploration Company holds a 30 percent working interest in the project and Ranger Oil Ltd. owns the remaining 35 percent.