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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: zalesky who wrote (1300)	3/10/1999 2:10:00 PM
From: Ram Seetharaman	Respond to of 2282

IO could be moving on this news as below! Wednesday March 10, 1:37 pm Eastern Time Company Press Release SOURCE: Output Exploration, LLC Output Exploration, LLC Established as Independent Exploration & Production Company STAFFORD, Texas, March 10 /PRNewswire/ -- Output Exploration, LLC (OPEX) announced today that it has been established as an independent exploration and production company. The management led acquisition of OPEX from its former parent company Input/Output, Inc. (NYSE: IO - news) was underwritten by Nassau Capital and other industry and institutional investors. Founded in 1992 as a wholly owned subsidiary of Input/Output, Output Exploration initially concentrated its operations on investments in domestic and foreign 3-D seismic exploration opportunities. Recently, OPEX has broadened its operations and is currently two years into a three-year joint venture partnership that is actively developing properties in Texas, Louisiana, Oklahoma and California with Lafitte Energy, Ltd. The new funds will be used to explore and develop the existing portfolio, which includes over 300 square miles of recently acquired 3-D seismic data and for future projects. ''OPEX is poised and eager to engage in operations as an independent oil and gas exploration and production company,'' said Bob Brook, Output Exploration's President and CEO. ''Our team of petroleum engineers, geologists and geophysicists have worked together on numerous projects for Input/Output and we are now looking forward, together with our new equity investors, to building a substantial independent exploration and production company using the most advanced exploration and production technologies.'' ''At the same time, we have enjoyed our affiliation with Input/Output and will continue collaborating with I/O on testing and developing integrated 3-D seismic solutions to exploration and production challenges,'' said Brook. Commenting on OPEX's emergence as an independent during the current depressed energy environment, Brook said, ''The current downturn in oil prices and downsizing of the oil industry provides ample opportunity for OPEX to expand its operations as properties become available in the market. Properties that may no longer meet the criteria of major producers may well prove economic for smaller independents to pursue.'' Nassau Capital is a private equity, real estate and natural resources investment firm based in Princeton, New Jersey. It manages committed and invested capital of approximately $2 billion on behalf of Princeton University's endowment. Headquartered in Stafford, Texas, OPEX has a staff of geoscientists and petroleum engineers who utilize the most advanced 3-D technologies to explore for oil and gas and enhance existing production. OPEX welcomes the opportunity to partner with other industry participants in their drilling ventures. SOURCE: Output Exploration, LLC