Ocean Energy Completes Acquisition of Texas and Louisiana Properties

Apr 30, 2001, 01:00 ET from Ocean Energy, Inc.

    HOUSTON, April 30 /PRNewswire/ -- Ocean Energy, Inc. (NYSE:   OEI) today
 announced the completion of the acquisition of the oil and gas assets of
 EnSight Resources, L.L.C.  The properties are located in Texas and Louisiana.
     The all-cash transaction was approximately $118 million after customary
 adjustments from effective date to closing.  The acquisition is expected to be
 paid from excess cash flows during 2001 and will be immediately accretive to
 Ocean's earnings and cash flow.
     "This niche acquisition gives us quality properties at an attractive price
 with no appreciable impact on our balance sheet," said John Schiller,
 executive vice president of operations.  "We strengthen our North American
 natural gas portfolio with exploitation upside and solid economic returns.
 Most of these assets are situated in East Texas and North Louisiana where
 Ocean has an excellent operating position and base of technical expertise."
     The assets add total estimated proved reserves of approximately
 101 billion cubic feet equivalent (Bcfe), of which 88 percent is natural gas.
 Approximately 62 percent of the reserves are developed and Ocean estimates
 that total reserve potential exceeds 150 Bcfe.
     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 Equatorial Guinea,
 Cote d'Ivoire and Angola.  The company also conducts operations in the
 republics of Egypt, Russia, Pakistan 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 or Form 10-K
 for the year ended December 31, 2000.  Actual results may vary materially.
 
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SOURCE Ocean Energy, Inc.
    HOUSTON, April 30 /PRNewswire/ -- Ocean Energy, Inc. (NYSE:   OEI) today
 announced the completion of the acquisition of the oil and gas assets of
 EnSight Resources, L.L.C.  The properties are located in Texas and Louisiana.
     The all-cash transaction was approximately $118 million after customary
 adjustments from effective date to closing.  The acquisition is expected to be
 paid from excess cash flows during 2001 and will be immediately accretive to
 Ocean's earnings and cash flow.
     "This niche acquisition gives us quality properties at an attractive price
 with no appreciable impact on our balance sheet," said John Schiller,
 executive vice president of operations.  "We strengthen our North American
 natural gas portfolio with exploitation upside and solid economic returns.
 Most of these assets are situated in East Texas and North Louisiana where
 Ocean has an excellent operating position and base of technical expertise."
     The assets add total estimated proved reserves of approximately
 101 billion cubic feet equivalent (Bcfe), of which 88 percent is natural gas.
 Approximately 62 percent of the reserves are developed and Ocean estimates
 that total reserve potential exceeds 150 Bcfe.
     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 Equatorial Guinea,
 Cote d'Ivoire and Angola.  The company also conducts operations in the
 republics of Egypt, Russia, Pakistan 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 or Form 10-K
 for the year ended December 31, 2000.  Actual results may vary materially.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X70641721
 
 SOURCE  Ocean Energy, Inc.

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