Sector Plays

[excel]

MSSN - Oil and Gas Sector.

Mission Resources Corp
1331 Lamar Suite 1455 Phone: [phone]
Houston TEXAS 77010-3039
Fax: [phone]

Mission Resources Corporation. The Company's principal activity is to acquire, develop and produce crude oil and natural gas primarily in the Permian Basin of West Texas, along the Texas and Louisiana Gulf Coast and in the Gulf of Mexico. The primary business objective of the Company is to create and pursue corporate mergers and acquisitions, realize the value of core properties through exploitation and development and employ technical expertise to pursue growth through low- to moderate- risk exploration.

The parts in bold in below PR describe why I think more PR's are coming shortly.

Mission Resources Announces Early Success in its 2003 Drilling Program

HOUSTON, Jun 30, 2003 (BUSINESS WIRE) -- Mission Resources Corporation (Nasdaq:MSSN) announced today the early success of its 2003 drilling program. Of the first six wells, the Company has had three discoveries, two natural gas and one oil. The company also drilled one successful natural gas development well. The seventh of the 13 well drilling program is scheduled to spud this week. The details are as follows:

Onshore Gulf Coast Region

An exploratory/development well with multiple objectives located in South Louisiana has reached a depth of 12,800 feet. Electric logs indicate 53 gross feet and 42 net feet of apparent gas pay in the exploratory Marg howei sand. Porosities range from 18% to 33% and average 22%. While drilling the sand, strong gas shows required increased mud weights to continue drilling. Pending results of logging the deeper Camerina sands, this well may allow for a dual completion. Mission Resources holds a 77% working interest in the Marg howei sand and a 68% working interest in the Camerina 2 Sand Unit.

Mission also recently participated in the Fontenot #1 well, located in Reddell Field, Evangeline Parish, La. This development well was drilled to a total depth of 13,225 feet and encountered 190 feet of net pay within the Upper, Middle, and Lower Wilcox formations. Casing has been set and production is expected to commence in early July 2003. The Fontenot #1 well was preceded by three successful recompletions at Reddell in early 2003 that yielded gross production in excess of 5,500 MCF/D and 1,400 BO/D (net - 605 MCF/D, 154 BO/D). Additional recompletions and drill wells are expected in this field. Mission holds a 15% working interest in this field.

In West Lake Verret Field, St. Martin Parish, La., Mission owns 100% working interest in the #145 Jeanerette Lumber & Shingle. This exploratory well was drilled to 6500 feet and logged seven feet of oil pay in the H4 Sand. A completion rig is currently on location and production is expected to begin in early July.

One South Louisiana exploratory well in which Mission Resources held a 25% working interest was plugged and abandoned as a dry hole after being drilled to a depth of 15,380 feet.

A planned 16,000 foot test of the Lower Wilcox Sands in Goliad County, Texas is currently rigging up and scheduled to spud this week. Mission holds a 20% working interest in this prospect.

Offshore Region

Mission participated in a exploratory well in the Eugene Island area which was drilled to 5,671 feet and found 70 feet of net pay in several zones. The primary objective, the 3500 foot Stray Sand, flow tested gas and will be developed with directional wells having anticipated initial rates of 7,000-12,000 MCF/d per well. Plans call for setting a platform and drilling several development wells to develop the 3500 foot Stray Sand and the other reservoirs. Production from the field is expected to commence in the first quarter of 2004. Mission holds a 7% working interest in this field.

One offshore well in which Mission has a 1.2% interest is being plugged and abandoned.

"We are very pleased with the early results of our 2003 drilling program," said Robert L. Cavnar, Mission's chairman, president and chief executive officer. "We are continuing the implementation of this program through rigorous evaluation and disciplined execution."

The Company will continue to provide further updates on the 2003 Drilling Program as information becomes available.

Link to Form 4 insider buys.
Click on financial reports.
http://www.mrcorp.com/financialreports.asp

If any company insider would know whats going on it would be these two...............

EELLS JOHN L - SVP Exploration & Geoscience

MUNSELL MARSHALL - VP Land & Land Administration

It is my belief that with no earnings warning in below PR while combined with insider buying before earnings...........
I'll leave the conclusion up to you.
But I will say this. The NG sector is hot out there, and I expect it to get hotter as hurricane season comes into play and shortages develope even more.
This stock in this sector I believe is under valued.
I believe earnings on August 12th will prove that.
From what I have seen lately it has a .15 range of going up and down.
Imo play it for .10 flipping until news takes it to next level. I have long shares for leading up to earnings and flip shares to pay the bills!

Mission to Release Second Quarter Earnings on Aug. 12, 2003

HOUSTON, Jul 10, 2003 (BUSINESS WIRE) -- Mission Resources Corporation (Nasdaq:MSSN) said today that it will issue its second quarter 2003 earnings release before the market opens on Tuesday, Aug. 12, 2003. The company will also hold its quarterly conference call that morning at 10:00 a.m. Central Time.

To participate in the call, dial 877/894-9681 five to 10 minutes before the call begins. Please reference Mission Resources, conference ID 1685418. The call will also be broadcast live over the Internet from the company's Web site at www.mrcorp.com.

A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until Tuesday, Aug. 26, 2003. To access the replay, dial 800/642-1687 and reference conference ID 1685418. In addition, the webcast will also be archived on the company's Web site.