[MISSION RESOURCES LETTERHEAD]

                                                                    EXHIBIT 99.1

                             Contact:
                             Jeanne A. Buchanan
                             Vice President of Corporate Communications
                             (713) 495-3000

October 17, 2001


                   MISSION RESOURCES' ANNOUNCES EXTENSION OF
                       EXCHANGE OFFER TO OCTOBER 22, 2001

Houston, Texas - October 17, 2001  Mission Resources Corporation ("Mission")
(NASDQ:MSSN) today announced that that it has extended to 5:00 p.m., New York
City time, on October 22, 2001, its offer to exchange up to $225.0 million
aggregate principal amount of its 10 7/8% Senior Subordinated Notes due 2007
Series C (CUSIP Number 605109 AC 1) for any and all outstanding 10 7/8% Senior
Subordinated Notes due 2007 (CUSIP Number 07985 AA 6) (the "SERIES A NOTES") and
10 7/8% Senior Subordinated Notes due 2007 Series B (CUSIP Numbers 605109 AA 5
and 605109 AB 3) (the "SERIES B NOTES"). The existing Series A Notes were issued
and sold in a registered transaction, and the existing Series B Notes were
issued and sold in a transaction exempt from registration under Rule 144A of the
Securities Act of 1933. The exchange offer was originally scheduled to expire at
5:00 p.m., New York City time, on October 3, 2001 and extended to October 17,
2001.

     As of 9:00 a.m., New York City time, today, an aggregate of $223,149,000.00
Series A Notes and Series B Notes have been tendered for exchange.

     The existing Series B Notes have not been registered under the Securities
Act of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.  This
Current Report on Form 8-K shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such
state.

     Mission Resources is an independent oil and gas exploration and production
company headquartered in Houston, with oil and gas properties located in three
core areas: the onshore Gulf Coast, the Gulf of Mexico and the Permian Basin.
Mission's common stock is quoted on the NASDAQ Market under the trading symbol
"MSSN."