Unocal's Spirit Energy 76 unit adds GOM leases in OCS sale
Sugar Land, Texas, Aug. 23, 2000 -- Unocal Corporation's Spirit Energy 76 unit today said that it is the apparent high bidder for interests in 6 Gulf of Mexico deepwater and 10 shelf blocks in the Western Gulf of Mexico OCS Lease Sale No. 177 conducted today by the U.S. Minerals Management Service (MMS).
The company exposed a total of $18.8 million, with apparent high bids amounting to approximately $17.6 million (See chart for detailed bid information).
"This lease sale provided an opportunity to enhance our deepwater position in the Keathley Canyon area with additional prospects on trend with our existing holdings," said John T. Donohue, president of Spirit Energy 76. "On the shelf, we pursued properties with near-term drilling potential to add production quickly."
Prior to the sale, Spirit Energy's Gulf of Mexico portfolio included 443 leases. Of that total, 223 exploratory leases are located in deep water, while another 94 exploratory leases are on the shelf. The company also has 126 development leases on the shelf.
The results of Sale 177 will bring Sprit's total portfolio to 459 OCS leases, if all bids are approved by the MMS.
In the Gulf of Mexico this fall, Spirit Energy expects to begin drilling on its deepwater Dana Point and Dendara prospects, utilizing the new state-of-the-art Discoverer Spirit drillship.
This news release contains certain forward-looking statements about Unocal's exploration drilling program and proved reserves. These statements are not guarantees of future performance. The statements are based upon Unocal's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Actual results could differ materially as a result of factors discussed in Unocal's 1999 Form 10-K report filed with the Securities and Exchange Commission. Copies of the company's SEC filings are available from the company by calling 800-252-2233. The reports are also available on the Unocal web site.
Western Gulf of Mexico Lease Sale No. 177 - August 23, 2000 Apparent High Bids by Spirit Energy 76 (Unocal) - 100% W.I.
|Block (Prospect)||Bid Amount|
|Keathley Canyon 701 (Cat's Eye)||$626,449|
|Keathley Canyon 744 (Cat's Eye)||$626,449|
|Keathley Canyon 745 (Cat's Eye)||$4,320,169|
|Keathley Canyon 775 (Ponza)||$4,112,889|
|Keathley Canyon 789 (Cat's Eye)||$1,210,675|
|Keathley Canyon 819 (Ponza)||$3,093,369|
|High Island A414||$150,176|
|High Island A418||$150,176|
|High Island A419||$150,176|
|High Island A502||$150,176|
|High Island A513||$150,176|
|High Island A514||$150,176|
|High Island A229||$125,176|
|High Island A10||$2,300,176|
|East Breaks 113||$120,176|
|East Breaks 115||$180,176|
|Total High Bids: 16||$17,616,760|
Updated: August 2000