Ocean Energy, Inc. to Acquire Texoil, Inc.

(Dallas, Texas) - On January 18, 2001, Ocean Energy, Inc. signed a definitive agreement to acquire Texoil, Inc. The all-cash transaction is structured as a first step tender offer followed by a cash merger to acquire all remaining shares of Texoil common stock and Series A convertible preferred stock for approximately $130 million.

Ocean Energy is an independent energy company engaged in the exploration, development, production and acquisition of crude oil and natural gas. Robert K. Reeves, executive vice president and general counsel for Ocean Energy, Inc., and Gregg Roden, vice president and assistant general counsel of North America Onshore, were assisted by Akin, Gump, Strauss, Hauer & Feld, L.L.P., who represented Ocean Energy, Inc. on the transaction. The partners from Akin Gump who worked on this matter included Michael E. Dillard, N. Kathleen Friday, Daniel J. Micciche and Diana C. Dutton. The Dallas office of Jenkens & Gilchrist represented Texoil, Inc. and the attorneys who worked on the transaction were Thomas G. Adler, William P. Bowers, Michael J. Pendleton and Jannat C. Thompson.

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