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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Webster Groves who wrote (81755)	12/14/2000 9:21:32 PM
From: sportsman	Respond to of 95453

Ocean Gains Investment Grade Status HOUSTON, TEXAS - December 14, 2000 - Ocean Energy, Inc. (NYSE:OEI) announced today that Standard & Poor's has upgraded the company to investment grade status with a senior debt rating of BBB--. "This ratings upgrade reflects the improvements we have made to our balance sheet since the merger with Seagull Energy in 1999," said William L. Transier, Executive Vice President and Chief Financial Officer. "We are operating from a solid financial position that will allow us to take advantage of several major exploration and development projects planned for 2001." Standard & Poor's cited in its press release dated Dec. 14, 2000: "The ratings upgrade reflects Ocean's exploitation of relatively high hydrocarbon prices and buoyant property markets to reduce debt, thus providing it with a more solid financial foundation for its growth initiatives. Ocean has a strong portfolio of exploration and development projects that should yield rapid growth in production in 2002 and 2003." During 2000, Ocean dropped its debt-to-total capitalization ratio to 49 percent, its lowest level in three years, as of the quarter ended Sept. 30, 2000. The decrease will also cut annual interest expense in 2001 to nearly half of 1999 levels. Ocean Energy, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. North American operations are focused in the shelf and deepwater areas of the Gulf of Mexico, the Permian Basin, Mid-continent and Rocky Mountain regions. Internationally, Ocean holds a leading position among U.S. independents in West Africa with oil and gas activities in Côte d'Ivoire, Equatorial Guinea and Angola. The company also conducts operations in the republics of Egypt, Tatarstan, Pakistan, Yemen and Indonesia. Certain statements in this news release regarding future expectations, plans for acquisitions, dispositions, and oil and gas reserves, exploration, development, production and pricing may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1999. Actual results may vary materially.