Offshore staff

Dana Petroleum has acquired Global Resource Holdings' 35% interest in a reconnaissance contract covering the northwest Safi area off the Atlantic coast of Morocco. The contract covers 6,645 sq km with water depths ranging from 300-3,000 m. Norsk Hydro, operater, holds the remaining 65% interest in the reconnaissance contract, originally awarded in April 2004.

"This new venture builds on Dana's strong exploration position offshore West Africa where we already hold important interests across Mauritania and Senegal," Tom Cross, Dana's CEO, says. "Being relatively under explored, offshore Morocco offers significant potential, which Dana is looking forward to pursuing in partnership with Norsk Hydro and ONHYM, the Moroccan national oil company."

05/26/05