8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 ---------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                Date of report (Date of earliest event reported):

                      November 25, 2002 (November 21, 2002)

                          Mission Resources Corporation
               (Exact Name of Registrant as Specified in Charter)

           Delaware                   000-09498            76-0437769
 (State or Other Jurisdiction        (Commission          (IRS Employer
       of Incorporation)             File Number)       Identification No.)

                                   1331 Lamar
                                   Suite 1455
                            Houston, Texas 77010-3039
              (Address and Zip Code of Principal Executive Offices)

                                 (713) 495-3000
              (Registrant's telephone number, including area code)



Item 5. Other Events.

     On November 21, 2002, Mission Resources Corporation issued a press release
announcing the sale of non-strategic properties and the associated borrowing
base reduction.

     The press release is filed as an exhibit hereto and is incorporated herein
by reference.

Item 7. Financial Statements and Exhibits.

     (a) Financial Statements of business acquired.

          None.

     (b) Pro Forma Financial Information.

          None.

     (c) Exhibits.

          99.1 Press Release.



                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        MISSION RESOURCES CORPORATION

Date: November 25, 2002                 By:    /s/ Richard W. Piacenti
                                        Name:  Richard W. Piacenti
                                        Title: Senior Vice President and
                                               Chief Financial Officer

EX-99.1

                                                                    EXHIBIT 99.1

[MISSION RESOURCES LOGO]                           Mission Resources Corporation
                                                          1331 Lamar, Suite 1455
                                                       Houston, Texas 77010-3039

                                  NEWS RELEASE

Contact:  Ann Kaesermann
          Vice President - Accounting & Investor Relations, CAO
          investors@mrcorp.com
          (713) 495-3100

          Mission Resources Announces Sale of Non-Strategic Properties

HOUSTON - November 21, 2002-- Mission Resources Corporation (NASDAQ: MSSN)
announced today that it has entered into agreements to sell non-core mature
properties, through a property auction and a negotiated transaction. The sales,
previously announced in Mission's third quarter 2002 earnings conference call,
are expected to close in December, subject to final due diligence, and will
result in approximately $15.4 million of proceeds.

Mission divested certain operated and non-operated interests in the Giddings
field and all of its interests in the Eunice field in southeast New Mexico. With
this sale, Mission will no longer have properties located in New Mexico. Mission
also sold the remainder of its operated interests in the Permian Basin; however,
the Permian Basin remains a core area for Mission. The properties sold represent
approximately 950 BOE per day of production and reserves of 2.1 million barrels
of oil equivalent. In conjunction with the sales, the bank facility borrowing
base has been reduced by $10 million, to $40 million.

"We are extremely pleased with the results of the sale," said chairman,
president and chief executive officer, Robert L Cavnar. "These transactions help
to further our goal of consolidating operations into core areas. The proceeds
will be used to eliminate the $3 million outstanding debt on the credit
facility, acquire select properties and enhance Mission's 2003 capital program."

Mission Resources Corporation is a Houston-based independent exploration and
production company that acquires, develops and produces crude oil and natural
gas in the Permian Basin of West Texas, along the Texas and Louisiana Gulf Coast
and in the Gulf of Mexico.

This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Among those risks, trends and
uncertainties are our estimate of the sufficiency of our existing capital
sources, our ability to raise additional capital to fund cash requirements for
future operations, the uncertainties involved in estimating quantities of proved
oil and natural gas reserves, in prospect development and property acquisitions
and in projecting future rates of production, the timing of development
expenditures and drilling of wells, and the operating hazards attendant to the
oil and gas business. In particular, careful consideration should be given to
cautionary statements made in the various reports the Company has filed with the
Securities and Exchange Commission. The Company undertakes no duty to update or
revise these forward-looking statements.