Santos Ltd.

Santos Ltd. has retained Scotia Waterous Inc. to divest all of its interests in the U.S. The company plans to focus its exploration activities in Australia, Asia and the Middle East. The package includes approximately 158 wells on 180,000 gross acres in western Colorado and onshore and offshore the Texas Gulf Coast. The assets produced 2.1 million barrels of equivalent in 2005. For more information, contact Adrian Goodisman, 713-437-5050.