ExxonMobil Confirms Crazy Horse Discoveries

Exxon Mobil Corporation announced the success of two wells drilled during 2000 in the Crazy Horse Exploration Unit, located in the Gulf of Mexico approximately 125 miles southeast of New Orleans. The wells confirmed Crazy Horse to be a world-class discovery and development opportunity. ExxonMobil owns 25 percent interest in the Crazy Horse Unit with BP (operator) owning 75 percent. The Crazy Horse appraisal well, drilled in Mississippi Canyon Block 822, added new oil pay reservoirs to those encountered in the Crazy Horse discovery. The results confirm that Crazy Horse is at least a billion-barrel discovery.

In addition, a major new discovery called Crazy Horse North was drilled in Mississippi Canyon Block 776, located 5 miles northwest of the 1999 Crazy Horse discovery. This discovery encountered approximately 600 net feet of oil pay reservoirs. These results make Crazy Horse the largest oil field discovered in the U.S. Gulf of Mexico. Planning for a phased development is underway. Initial production is expected by 2005 from a floating production facility that will be capable of producing 250,000 barrels of oil per day at peak rate.