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):

                          July 30, 2004 (July 29, 2004)


                          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 AND REQUIRED REGULATION FD DISCLOSURE.

     On July 29, 2004, the Company issued a press release announcing that today
that in connection with the previously announced review of strategic
alternatives, Mission has directed Netherland, Sewell and Associates, Inc., the
Company's independent reservoir engineering firm, to prepare a report on the
Company's reserves as of July 1, 2004. The Company's proved reserves per this
report are 217 billion cubic feet of gas equivalent ("Bcfe"). This figure
compares with December 31, 2003 reported proved reserves of 178 Bcfe and
announced year-end reserves pro forma for the Jalmat Acquisition of 209 Bcfe.


     The text of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.


ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

         (a)      Financial Statements of business acquired.

                  None.

         (b)      Pro Forma Financial Information.

                  None.

         (c)      Exhibits.

                  99.1     Press Release

ITEM 12.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

          None.



                                    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: July 30, 2004                     By:     /s/ Ann Kaesrmann
                                        ---------------------------------------
                                        Name:     Ann Kaesermann
                                        Title:    Vice President Accounting and
                                                  Investor Relations, CAO

EX-99.1

                                                                    Exhibit 99.1

           Mission Resources Issues Mid-Year Reserve Update

    HOUSTON--(BUSINESS WIRE)--July 29, 2004--Mission Resources
Corporation (Nasdaq:MSSN) announced today that in connection with the
previously announced review of strategic alternatives, Mission has
directed Netherland, Sewell and Associates Inc., the Company's
independent reservoir engineering firm, to prepare a report on the
Company's reserves as of July 1, 2004. The Company's proved reserves
per this report are 217 billion cubic feet of gas equivalent ("Bcfe").
This figure compares with Dec. 31, 2003 reported proved reserves of
178 Bcfe and announced year-end reserves pro forma for the Jalmat
Acquisition of 209 Bcfe.
    "We are pleased that additions to our reserve base have
significantly outpaced production in the first half of the year," said
Robert L. Cavnar, chairman, president and chief executive officer.
"These increased proved reserve figures are the result of focused
efforts by our team to identify and develop opportunities and to
high-grade our asset base."
    The proved reserves are approximately 63% natural gas/natural gas
liquids and 77% developed. The approximate regional breakdown of
proved reserves is as follows: 65% Permian Basin, 24% Gulf Coast
Onshore, and 11% Gulf of Mexico and other. The proved reserve to
production ratio is approximately 9 years. Currently, the Company's
net production is approximately 71 million cubic feet equivalent per
day.
    About Mission Resources: 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.

    CONTACT: Mission Resources Corporation, Houston
             Ann Kaesermann, 713-495-3100
             investors@mrcorp.com
             www.mrcorp.com