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NEWS BULLETIN

January 19, 1998 --- Vol. 4, No. 4January 1998

Chevron becomes operator of Alaska's Kuvlum and Hammerhead units

Chevron U.S.A. Inc., Union Texas Alaska LLC and Shell Frontier Oil and Gas Inc. have entered into an agreement that makes Chevron the operator of the Beaufort Sea Kuvlum and Hammerhead units, Chevron announced Jan. 19. The deal gives Chevron 60 percent of both units and Union Texas and Shell an undivided 20 percent working interest ownership in each lease in both units.

“Chevron is pleased with our new partnership with Union Texas and Shell and we look

forward to working with the U.S. Minerals Management Service to maintain both of the units and ultimately establish economic oil and gas operations in the Beaufort Sea,” said Dave Birsa, Chevron's exploration manager for Alaska. “Chevron views this agreement as verification of our desire to invest in Alaska. We cannot diminish the importance that federal and state agencies in Alaska must work cooperatively with industry in order for Alaska investment to compete with other worldwide opportunities.”

The Kuvlum and Hammerhead units are located approximately 10-15 miles north/northeast of Flaxman Island in the Beaufort Sea.

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