Spinnaker Exploration Company, Operations Update

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March 22, 2002

The following summarizes our operations activities since our last operations
update on February 14, 2002.

Front Runner Sanction

Our partners and we have sanctioned the development of the Front Runner and Front Runner South fields. We have approved a plan for the development of the area utilizing a truss spar type floating production system with a handling capacity of 60,000 barrels of crude oil and 110 MMcfe of natural gas per day. SparTEC, Inc., a wholly owned subsidiary of J. Ray McDermott, Inc., will be the general contractor responsible for the engineering, procurement, construction and installation of the spar. We continue to evaluate export pipeline options. First production for the project is targeted for the first half of 2004.

Green Canyon 338 #4

Successful exploration and development drilling continues in the Front Runner area. The Green Canyon 338 #4 well has encountered in excess of 400 feet of net oil sands, including pay sands not previously found in other Front Runner wells. These oil sands are in an updip position and approximately 4,000 feet west of
the original Front Runner South discovery well, Green Canyon 339 #1, that was drilled last year. Well data from the wells indicate that the key oil-bearing reservoirs are connected laterally. We own a 25% working interest in the project.

High Island 197/175 (Resolute)

Productive gas pay has been discovered in the L-1 and L-3 sands and potentially productive gas pay has been discovered in the L-2 sands in the High Island 197 #2 well. We have encountered approximately 66 feet of net pay to date. None of these sands were productive in the High Island 197 #1 well. Drilling continues
on the well. A platform will be installed at the High Island 197 #1 location. A used 4-pile deck has been refurbished and production equipment is currently being installed. The deck is 80% complete. A new jacket is under construction and is 95% complete. We plan to lay a 12 inch flow line to a Williams Field Services gas pipeline in High Island 109 at an offset distance of 59,000 feet. Water depth at the platform location is approximately 50 feet. First production is scheduled for May 2002. We operate the project and own a 50% working interest.

High Island 167

Gas was discovered in the Rob-M sands in the High Island 167 #1 and #2 wells. The High Island 167 #1 well was completed, a caisson was driven and a caisson deck installed. A 6 inch flow line was laid to an EOG platform in High Island 167. First production commenced from High Island 167 #1 in March 2002. The
subsequent High Island 167 #2 well discovery triggers a purchase option for the EOG platform and this option is currently being considered. We are operator of the project and own a 50% working interest in the High Island 167 #1 well and 100% working interest in the High Island 167 #2 well. Additional drilling is
anticipated on the block.

Mustang Island 861 (Stirrup)

Mustang Island 861 #1 discovered gas in the Middle Frio section in offshore Texas state waters. The well was completed using fracture technology and was tested at flow rates in excess of 20 MMcf per day. The second and third wells were drilled successfully. The Mustang Island 861 #3 well is currently being completed. A 4-pile structure has been installed and a 10 inch flow line has been laid to an AEP (formerly Houston Pipeline) 20 inch gas pipeline. We plan to install a slug catcher at the AEP Lehman facility and should be completed in late summer 2002. First production is scheduled for late April 2002. We are operator of the project and own a 42% working interest.

Brazos A-19 (Alex Deep)

The Brazos A-19 well was successfully re-drilled in 2001. The well has been perforated and we expect first production to be ramped up to a daily rate in excess of 100 MMcf but not to exceed a daily rate of 135 MMcf. We own a 15% working interest in the well.

Grand Isle 52

A successful oil well was drilled in Grand Isle 52 from a BP production platform. The well was completed and tested. First production should commence shortly with expected sustained daily rates of 3,000 barrels and 4.5 MMcf. A second well will be drilled from the platform in April 2002. We own a 50% working interest in the project in which BP is the operator.

South Timbalier 274

The 4-pile jacket and deck have been installed. The 12 inch flow line has been laid to a Williams Field Services 24 inch gas pipeline in South Timbalier 272 at an offset distance of approximately 46,000 feet. The jackup rig Rowan Gorilla II has been mobilized and the South Timbalier #1 well has been tied back and is
undergoing completion. We plan to drill an additional well from the platform to an exploratory location in South Timbalier 275. First production is scheduled for April 2002. We are operator of the project and own a 90% working interest in the South Timbalier 274 #1 well and a 50% working interest in the South
Timbalier 275 #1 well.

Mississippi Canyon 849

The Mississippi Canyon 849 #1 well is currently being drilled. We have encountered pay sands, but we are currently evaluating whether this project can produce economically. We own a 34% working interest in the well.

Mississippi Canyon 496/497 (Zia)

Our Zia discovery is located in approximately 1,600 feet of water. We drilled a delineation well approximately 750 feet structurally downdip to the Zia #1 well in the fourth quarter of 2001 and encountered the field reservoirs water saturated. This well successfully established the oil/water contact in the main reservoir, and it appears that the field will be economic to develop. An integrated project team is designing and costing a subsea tieback project that would transport production to a nearby development. While the project has not
been sanctioned, first production could occur in 2003. We own a 35% working interest and 30% net revenue interest in the well and blocks.

Green Canyon 177 (Sangria)

We successfully performed our first subsea completion on the Green Canyon 177 #1 well in 1,488 feet of water. The well was tested at commercial rates after installation of the subsea tree. A 4 inch flow line and electro-hydraulic umbilical have been laid from the subsea well to Shell's Salsa platform in Garden Banks 172 at an offset distance of approximately 6.9 miles. Procurement is currently ongoing for facility upgrade at the Salsa platform. Facility upgrade should be completed in mid-May and production should commence by June
2002. We are operator of the project and own a 100% working interest.


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