Spinnaker Returns Zia Prospect to Production

Spinnaker Exploration says that its Zia Project, located in Mississippi Canyon Block 496 in the Gulf of Mexico has returned to production and is currently producing approximately 6,000 barrels of oil equivalent per day from the AA1B reservoir.

The Company considers reservoir performance to date to be good. Some additional mechanical work is anticipated in the future to replace the existing subsea choke. That work could require up to one week of downtime during 2003. Some additional ramp-up in producing rate is possible following replacement of the choke. It is anticipated that the AA1B reservoir will be depleted with the well in its current configuration.

Spinnaker owns a 35% Working Interest and a 30% Net Revenue Interest in this Block.