Significant Oil Discovery Achieved by Vastar on Mirage Prospect in Gulf of Mexico Deepwater

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17 March 1999

Vastar Resources, Inc., (NYSE: VRI) today announced that the Mississippi Canyon 941 #1 exploratory well testing the Mirage prospect in the Gulf of Mexico deepwater encountered approximately 300 feet of net oil pay in five intervals, and is a significant oil discovery.

Vastar holds 75% working interest in block 941 and serves as operator. Spirit Energy 76, a unit of Unocal Corporation (NYSE: UCL), holds 25% working interest.

"We are pleased to record our second consecutive company-operated deepwater discovery," said Charles D Davidson, Vastar's president and chief executive officer. "Our previous discovery at King, in combination with this most recent discovery at Mirage, represent important steps in delivering material value from our portfolio of deepwater prospects."

"While it is still too soon to know the full extent of this discovery, our initial drilling indicates the presence of over 100 million barrels of oil equivalent," said Robert P Strode, senior vice president of Exploration and Land. "Further drilling will be needed to confirm these volumes and determine the total potential of the discovery. In the meantime we will be actively studying the best means for developing this asset."

The Mirage drilling program included an initial well and a sidetracked well, as originally planned. The first well reached a measured depth of 16,600 feet and the sidetracked well reached a measured depth of 22,435 feet, becoming the deepest well yet drilled in the Mars basin. Well conditions prevented the sidetracked well from reaching additional deeper objectives. The well was temporarily abandoned in a manner that will allow its later use as a producer.

The well was drilled in 3,927 feet of water approximately 80 miles south-southeast of Venice, La It is also 12 miles south of Vastar's King discovery on Mississippi Canyon block 764, which is currently under development. Both discoveries are in the Mars basin.
Next on Vastar's deepwater drilling schedule is the Sting prospect on Viosca Knoll block 1001, followed by the Horn Mountain prospect on Mississippi Canyon block 127.

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