NEWS BULLETIN

February 26, 1999 --- Vol. 5, No. 10February 1999

Unocal effort to sell Cook Inlet oil and gas assets ends

Unocal Corp. has concluded efforts begun in mid-1998 to sell its Cook Inlet oil and gas assets.

"The Alaska oil and gas business sale process is over without a sale of the assets," Unocal Alaska Resources spokeswoman Roxanne Sinz told PNA Feb. 26.

"Basically due to the business climate, Unocal and a potential purchaser were not able to come to mutually acceptable terms," she said.

Sinz said that management's focus would be on existing operations. The company does plan an active Cook Inlet oil and gas work program including development type work within our existing fields.

Unocal said earlier in the month that it was withdrawing from negotiations for sale of its fertilizer assets, which include the Nikiski fertilizer plant.

The company's North Slope assets were not up for sale.

The sale process began in June when Unocal said it was "reviewing various possible restructuring options" for its diversified business group, including the agricultural products unit. Options under review included sale, joint ventures, initial public offerings or spin-offs. The company's Cook Inlet oil and gas assets and its Alaska fertilizer operation are part of the agricultural products unit.


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