Mission Resources Corp.

Transaction Type
Sellers
Marketers
Post Date
Estimated Price
MM
Description

Mission Resources Corp., Houston, (Nasdaq: MSSN) has retained Petrie Parkman & Co. to assist in enhancing shareholder value. Robert L. Cavnar, Mission chairman, president and chief executive officer, says, "We believe it is now appropriate to consider additional options that could benefit our shareholders." Mission's assets are in the Permian Basin, on the Texas and Louisiana Gulf coasts, and in Gulf of Mexico state and federal waters. For more information, contact Sylvia Barnes at 713-650-3383. First-quarter net income was $360,000; discretionary cash flow was $11.4 million; average daily production was 61.8 million cubic feet of gas equivalent (57% gas); and lease operating expenses were $1.26 per thousand cubic feet equivalent. Its production in early May was approximately 67 million cubic feet equivalent per day. Its gas-oil production mix has become gas-weighted (57%), compared with production of 60% oil in first-quarter 2003, as the result of acquisitions and divestments