press release

Spirit Energy 76 to acquire 25% interest in deepwater Mad Dog prospect

Sugar Land, Texas, May 29, 1998 -- Spirit Energy 76, Unocal Corporation's U.S. exploration and production unit, today said it has agreed to acquire a 25 percent working interest in the deepwater Gulf of Mexico Mad Dog prospect from Amoco Production Company. Specific terms of the agreement were not disclosed.

The Mad Dog prospect, with a water depth of approximately 6,600 feet, is located offshore Louisiana on Green Canyon Blocks 825 and 826, and the southern half of Block 782. The test well is currently drilling on Green Canyon Block 826 and has a target depth of 24,000 feet.

Spirit Energy 76 has net production of about 180,000 BOE per day and operates 300 offshore platforms with 2,700 active wells in 355 fields in the Gulf of Mexico region. The unit employs approximately 1,300 people.

Updated: May 1998