Dominion Exploration & Production Apparent
Successful Bidder on 2 Blocks in Western Gulf of Mexico Sale
New Orleans, La.
-- Dominion Exploration & Production, Inc., a subsidiary of Dominion (NYSE:
D), with its partner, Nexen Petroleum Offshore U.S.A. Inc. (NYSE: NXY), was
the apparent successful high bidder on two Deepwater blocks at the Western Gulf
of Mexico Lease Sale 184, held in New Orleans. The two blocks, Garden Banks
293 and 337 comprise the Gold Rush Prospect. Dominion E&P will have a 75%
percent working interest in these blocks. Nexen will have the remaining 25%
working interest. Dominion E&P's share of bids totaled $7.1 million.
Duane Radtke, president and CEO of Dominion E&P, remarked,
"We are very pleased to have been the successful bidder on the Gold Rush
Prospect. This is an excellent addition to our Deepwater inventory and could
be drilled as early as 2003."
As is customary, the Minerals Management Services of the
U. S. Department of Interior will review the high bids before deciding to award
them.
Dominion has a diversified and integrated energy portfolio
consisting of nearly 24,000-megawatts of generation, 5.1 trillion cubic feet
equivalent of natural gas reserves, 7,600 miles of natural gas transmission
pipeline and the nation's largest underground natural gas storage system with
more than 950 billion cubic feet of storage capacity. Dominion also serves 3.9
million franchise natural gas and electric customers in five states and nearly
one million unregulated retail customers in eight states. For more information
about Dominion, visit the company's web site at www.dom.com.
This press release contains forward-looking statements.
The company wishes to caution readers that the assumptions which form the basis
for forward-looking statements with respect to or that may impact earnings for
fiscal 2002, and thereafter, include many factors that are beyond the company's
ability to control or estimate precisely, such as estimates of future market
conditions and the behavior of other market participants. Other factors include,
but are not limited to, weather conditions, economic conditions in the company's
service territories, fluctuations in energy-related commodity prices, conversion
activity, other marketing efforts and other uncertainties.
