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The Houston Exploration Company News

10 Oct 2001

Houston Exploration Announces Changes, Reorganizations

Houston Exploration announces a corporate realignment to facilitate the Company's operating strategy and growth plans. They have created two operating divisions: Onshore and offshore, which will function as strategic business units for the Company's oil and gas operations. Steve Mueller will join the Company as Senior Vice President and General Manager of the Onshore Division, a business unit currently producing 110 Mmcf/d from fields in South Texas, Arkansas, Louisiana, East Texas and West Virginia. Mueller brings over 26 years of industry experience. Most recently, Mueller was senior vice president of exploration and production at Belco Oil and Gas Company. Prior to Belco, Mr.

28 Feb 2007

Houston Exploration Reports 2006 Results

The Houston Exploration Company reported full-year 2006 net income of $67.8 million, or $2.36 per diluted share. This compares with net income of $105.2 million, or $3.62 per diluted share, reported in 2005. Excluding certain items described below and in the attached schedules, the company's adjusted net income for 2006 was $93.0 million, or $3.24 per diluted share, versus $3.76 per diluted share in 2005 on a comparable basis. $372.1 million for the year compared to $469.6 million reported in 2005. For the fourth quarter 2006, the company reported a net loss of $19.4 million, or a loss of $0.69 per diluted share. 2005. Excluding certain items described below and in the attached schedules…

09 Jan 2007

Forest to Acquire Houston Exploration in $1.5b Deal

Forest Oil Corporation has entered into a definitive agreement to acquire 100 percent of the outstanding stock of The Houston Exploration Company in a stock and cash transaction totaling approximately $1.5 billion plus the assumption of net debt estimated to be $100 million at December 31, 2006. Forest Oil worked with JANA Partners LLC (JANA), the holder of 14.7% of the outstanding shares of Houston Ex, with the result that JANA on Sunday agreed to vote in favor of the transaction. JANA has also agreed not to propose any extraordinary transactions with Forest or to seek to influence the management or control of Forest for a year following the close of the transaction. The transaction positions Forest as one of the top independent onshore North American exploration and production companies.

03 Sep 2002

Houston Exploration and El Paso Announce Joint Offshore Exploration Drilling Program

The Houston Exploration Company and El Paso Production Company, a subsidiary of El Paso Corporation, announced that they have executed a letter of intent to conduct an exploration drilling joint venture in the Gulf of Mexico. Under the terms of the agreement, El Paso will contribute up to $50 million for land, seismic and drilling expenditures and pay 100 percent of the dry hole costs to earn 50 percent of Houston Exploration's working interest in up to six specified exploration wells to be drilled during the remainder of 2002 and early 2003. The wells to be drilled by the joint venture are comprised of exploration prospects developed by Houston Exploration on its leases located in the Central and Western Gulf of Mexico and in Texas state waters.

25 Aug 1999

Completion of Offshore Wells

The Houston Exploration Company announced the completion of offshore wells that should provide additional production beginning in the second quarter of 1999. Because of drilling activity during the first quarter, the company shut-in certain production from its Mustang Island A-31/A-32 region. Due to this shut-in and other factors, the Company expects first quarter 1999 production levels will average approximately five percent higher than the prior quarter's level. In the company's three-lease complex in the Mustang Island region on the shelf of the Gulf of Mexico, the Company successfully drilled its first well since acquiring the property in the fourth quarter of 1998. The Mustang Island A-32 B-8 well, a development well, was drilled to a total depth of 9,900 ft.