-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AFMBeaciLx+EAzLHQGk1q7zqkrHNs/+k8sgz6Kgr+Mx9IWRmlV4KWvmp9CtLErCA
 LjEz3BMWi0hj1seBYGesBw==

<SEC-DOCUMENT>0001181431-03-007027.txt : 20030507
<SEC-HEADER>0001181431-03-007027.hdr.sgml : 20030507
<ACCEPTANCE-DATETIME>20030507121756
ACCESSION NUMBER:		0001181431-03-007027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030505
FILED AS OF DATE:		20030507

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MISSION RESOURCES CORP
		CENTRAL INDEX KEY:			0000319459
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				760437769
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1331 LAMAR
		STREET 2:		SUITE 1455
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
		BUSINESS PHONE:		7134953000

	MAIL ADDRESS:	
		STREET 1:		1221 LAMAR
		STREET 2:		STE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010-3039

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELLWETHER EXPLORATION CO
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PIACENTI RICHARD W
		CENTRAL INDEX KEY:			0001198840

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09498
		FILM NUMBER:		03685564

	MAIL ADDRESS:	
		STREET 1:		1331 LAMAR
		STREET 2:		STE 1455
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd8387.xml
<DESCRIPTION>PIACENTI FORM 4 MAY 2003
<TEXT>
<XML>
<?xml version="1.0"?>
<?xml-stylesheet type="text/xsl" href="http://www.RRDnetfiler.com/XSL/SEC_Form_4.xsl"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

<documentType>4</documentType>
<periodOfReport>2003-05-05</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
<issuer><issuerCik>0000319459</issuerCik>
        <issuerName>MISSION RESOURCES CORP</issuerName>
<issuerTradingSymbol>MSSN</issuerTradingSymbol></issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001198840</rptOwnerCik>
            <rptOwnerName>PIACENTI RICHARD W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Exec. Vice President &amp; CFO</officerTitle>
<otherText></otherText></reportingOwnerRelationship></reportingOwner>
<derivativeSecurity>
<securityTitle>
<value>Option (Right to Buy)</value></securityTitle>
<conversionOrExercisePrice>
<value>0.39</value></conversionOrExercisePrice>
<transactionDate>
<value>2003-05-05</value></transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved></transactionCoding>
<transactionAmounts>
<transactionShares>
<value>100000</value></transactionShares>
<transactionValue>
<value>0.00</value></transactionValue>
<transactionAcquiredDisposedCode>
<value>A</value></transactionAcquiredDisposedCode></transactionAmounts>
<exerciseDate>
<value>2003-11-05</value>
<footnoteId id="F1"/></exerciseDate>
<expirationDate>
<value>2013-05-05</value></expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value></underlyingSecurityTitle>
<underlyingSecurityShares>
<value>100000</value></underlyingSecurityShares></underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>100000</value></sharesOwnedFollowingTransaction></postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value></directOrIndirectOwnership>
<natureOfOwnership>
<value></value></natureOfOwnership></ownershipNature></derivativeSecurity>
<footnotes>
<footnote id="F1">This option vests in 1/3 installments on each of 11/05/03, 05/05/04, 05/05/05</footnote></footnotes>
<ownerSignature>
<signatureName>Richard W. Piacenti</signatureName>
<signatureDate>2003-05-07</signatureDate></ownerSignature></ownershipDocument>


</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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