(DALLAS, TEXAS – Monday, January 5, 2004) - Hunt Oil Company is pleased to
announce today that an agreement has been completed and executed with the Ministry of
Oil and Minerals of the Republic of Yemen to extend the company's 20-year Production
Sharing Agreement (PSA) governing the right to conduct petroleum operations in Marib
Block 18 in Yemen. The extension is for an additional five years, which will commence
on November 15, 2005, and extend until November 14, 2010.
Ray L. Hunt, Chairman of Hunt Oil Company, said, "We would like to recognize
the support and cooperation we received from the Ministry of Oil and Minerals in
connection with the granting of this five-year extension, and we look forward to
continuing our mutually beneficial partnership with the Republic of Yemen throughout
the remainder of this decade."
