Spinnaker Exploration Company, Inc (SKE)

Spinnaker Exploration Company's principal activities are to explore, develop and produce natural gas and oil in the US Gulf of Mexico. The Group has license rights to approximately 9,500 blocks of mostly contiguous, recent vintage 3-D seismic in the Gulf of Mexico, including approximately 5,750 blocks from its 3-D seismic data agreement with Petroleum Geo-Services ASA. It has 284 leasehold interests located in Texas State and federal waters covering approximately 1,127,000 gross and 629,000 net acres. The Group has drilled 94 wells in the Gulf of Mexico with 56 of these wells being completed as discoveries. Natural Gas accounted for 85% of 2002 revenues and Oil and Condensate, 15%.