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


                                                                    NEWS RELEASE

   MISSION RESOURCES FILES $150 MILLION UNIVERSAL SHELF REGISTRATION STATEMENT

HOUSTON, SEPTEMBER 24, 2004 -- MISSION RESOURCES CORPORATION (NASDAQ:MSSN) today
announced that it has filed a universal shelf registration statement on Form S-3
with the Securities and Exchange Commission ("SEC"). Once the registration
statement is reviewed and declared effective by the SEC, the Company will be
able to offer and sell up to $150.0 million of debt securities, common stock,
preferred stock, depositary shares, warrants, purchase contracts and units from
time to time in one or more offerings. The terms of any such future offerings
would be established at the time of such offering.

A registration statement relating to these securities has been filed with the
SEC, but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This press release 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 registration or qualification under the securities laws of any such state.
Any offer of these securities will be made solely by means of the prospectus
included in the registration statement and any prospectus supplement that may be
issued in respect of any such offering.

Mission Resources Corporation is a Houston-based independent exploration and
production company that drills for, acquires, develops and produces natural gas
and crude oil primarily in the Permian Basin (in West Texas and Southeastern New
Mexico), along the Texas and Louisiana Gulf Coast and in both the state and
federal waters of 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.


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    Mission Resources Corporation 1331 Lamar, Suite 1455 Houston, Texas 77010
                                 www.mrcorp.com