BPK Resources Awarded Louisiana Shelf Acreage

BPK Resources through its Louisiana Shelf Partners, L.P., Partnership was the successful bidder on three Lease Blocks offered in the Louisiana State Lease sale.

The three Lease Blocks are located offshore of Louisiana in the Gulf of Mexico, and are comprised of 600 acres in East Cameron Block 4, 1,171 acres in East Cameron Block 18 and 688 acres in East Cameron Block 22. These three Lease Blocks, when included with the previously acquired 1,130 acres in East Cameron Block 17, give Louisiana Shelf Partners, L.P. a total lease position of 3,590 acres.

These Blocks were the most sought after acreage on the Louisiana Shelf. The Blocks are located in a field, which had been previously drilled by Shell Oil Company.

The process of obtaining drilling permits for Blocks 4 and 17 was previously initiated. Drilling contracts should be finalized within the next two weeks and a spud date of April 15, 2003 is projected with total drill depth on the first well expected to be reached by the end of May.