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PANACO, INC.
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PANACO, INC.
1100 Louisiana
Suite 5100
Houston, Texas 77002
June 7, 2002
Dear Fellow Stockholder:
This notice is to inform you that the Annual Meeting of Stockholders of
PANACO, Inc. (the "Company"), originally scheduled to be held on June 14, 2002,
has been postponed. A new annual meeting date and record date will be announced
when such dates are determined. You will receive revised proxy materials
regarding the Company's 2002 annual meeting originally sent to you on or about
May 21, 2002.
A copy of the press release announcing the postponement of the annual
meeting is attached to this notice.
Sincerely,
/s/ Robert G. Wonish
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Robert G. Wonish
Chief Operating Officer and President
PANACO, Inc. to Postpone Annual Meeting
Houston, TX, June 7, 2002 - PANACO, Inc. ("Company") (AMEX:PNO), an oil and
gas exploration and production company, announced today that it will postpone
its annual meeting of stockholders, originally scheduled for June 14, 2002, in
light of its ongoing evaluation of strategic alternatives.
About PANACO, Inc.
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PANACO is an independent exploration and production company with operations
focused primarily offshore in the Gulf of Mexico and onshore in the Gulf Coast
Region.
PANACO operates approximately 75% of its offshore and onshore wells as well
as operates 12 offshore platforms and owns interests in 109 miles of offshore
oil and natural gas pipelines greater than 10" diameter. The Company's daily
production is currently averaging 32 MMCFE.
PANACO, Inc. is an independent oil and gas exploration and production
Company focused primarily on the Gulf of Mexico and the Gulf Coast Region. The
Company acquires producing properties with a view toward further exploitation
and development, capitalizing on state-of-the-art 3-D seismic and advanced
directional drilling technology to recover reserves that were bypassed or
previously overlooked. Emphasis is also placed on pipeline and other
infrastructure to provide transportation, processing and tieback services to
neighboring operators. PANACO's strategy is to systematically grow reserves,
production, cash flow and earnings through acquisitions and mergers,
exploitation and development of acquired properties, marketing of existing
infrastructure, and a selective exploration program.
Forward-looking statements in this press release are intended to be subject
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve risks
and uncertainties, including drilling risks, uncertainties in estimating
reserves, risks inherent in oil and gas operations, volatility in oil and gas
prices and others set forth in greater detail in the 2001 PANACO Annual Report
on Form 10-K. No assurances can be given that actual results will not differ
materially from those contained in such forward-looking statements.
Forward-looking statements are made as of the date hereof and PANACO undertakes
no obligation to update or revise such statements in the event of later changes.
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PANACO, Inc., 1100 Louisiana, Suite 5100, Houston, Texas 77002-5220
Contact:Michele Hines,Investor Relations, Phone:(713)970-3100, Fax:(713)970-3151
www.panaco.com