Mission Resources Corporation
                                                          1331 Lamar, Suite 1455
                                                       Houston, Texas 77010-3039

(MISSION RESOURCES LOGO)                                            NEWS RELEASE

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

          MISSION RESOURCES COMPLETES $15 MILLION DEBT-FOR-EQUITY SWAP

HOUSTON, MARCH 15, 2004 - MISSION RESOURCES CORPORATION (NASDAQ: MSSN) announced
today that it has acquired $15.0 million of its 10 7/8% Senior Subordinated
Notes due 2007 (the "Notes") for 6,000,000 shares of the Company's common stock.
The transaction was completed with a subsidiary of Harbert Management Corp. The
Company has also committed to file a registration statement on Form S-3 with the
SEC to register the resale of these shares.

"We are pleased to complete this very important step toward strengthening our
balance sheet by converting an additional $15 million of debt to equity," said
Mission Chairman, President and Chief Executive Officer, Robert L. Cavnar. "We
have now eliminated approximately $57 million of debt and over $5 million of
annual interest expense. We believe this transaction completes the equity phase
of our recovery program and positions us well in our negotiations to replace our
existing senior credit facility."

Mission Resources Corporation is a Houston-based independent exploration and
production company that drills for, acquires, develops, and produces natural gas
and crude oil in the Permian Basin (West Texas and Southeastern New Mexico),
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. Mission undertakes no duty to update or
revise these forward-looking statements.

                                       ###