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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (175688)	10/2/2003 1:32:21 AM
From: tejek	of 1581620

Ten, some bullish news on MSSN. ted ********************************************************** Mission Resources to Sell East Texas Properties for $21.5 Million; Updates Drilling Progress HOUSTON--(BUSINESS WIRE)--Oct. 1, 2003--Mission Resources Corporation (Nasdaq:MSSN) announced that it has signed a definitive agreement to sell all of its East Texas assets to Danmark Energy for $21.5 million. All of the properties in this region are in the East Texas Field, a mature oil field with relatively high unit operating costs. Net production associated with these properties is approximately 1,150 barrels of oil equivalent per day from 180 wells with current estimated reserves of 4.0 million barrels of oil equivalent. The Company intends to use the proceeds to acquire Gulf Coast or South Texas natural gas properties. The sale is expected to close in late October. "This asset sale helps move Mission closer to meeting its corporate goals of lowering overall lifting costs and changing our asset mix to primarily natural gas from primarily oil," said Robert L. Cavnar, Mission's chairman, president and chief executive officer. "In addition, re-deploying the sales proceeds will enable Mission to focus on regions where we have unique expertise." The Company believes that new production volumes coming on from the 2003 drilling program will more than offset production lost from the sale properties and thus overall production guidance for 2003 remains unchanged. Additionally, this sale, combined with new production, will improve the Company's production mix from approximately 39% gas in the second quarter of 2003 to approximately 50% gas by the end of the year. Mission also announced further details regarding its 2003 13 well drilling program. Seven of nine wells drilled so far have been successful, four are in various stages of drilling/completion, and one is scheduled to spud in late October. Information on two recently completed wells and updates on five other wells is set forth below:

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