Exhibit 99(b)

FOR IMMEDIATE RELEASE                                                   PEX 0303
                                                                        3/17/03

             PETROCORP INCORPORATED ANNOUNCES STOCK BUYBACK PROGRAM

Tulsa, Okla. (March 17, 2003) - The Board of Directors of PetroCorp Incorporated
(AMEX:PEX) has approved a common stock repurchase program whichauthorizes the
purchase of up to 25% of the Company's common stock. PetroCorp currently has
12,655,726 shares of common stock outstanding.

The share purchases may be made from time to time, depending on market
conditions. The repurchase program does not obligate the Company to acquire any
specific number of shares and may be discontinued at any time. All purchases
will be in accordance with the terms, conditions and restrictions contained in
SEC Rule 10(b)-18.

"At current price levels, we believe PetroCorp stock represents an attractive
investment opportunity for the Company and is consistent with our commitment to
enhance shareholder value," stated Gary Christopher, PetroCorp's president and
chief executive officer.

Previously, the Company acquired 305,907 shares of common stock at a total cost
of $2,712,000 in abuyback program announced in September, 2001.

PetroCorp Incorporated is a Tulsa, Oklahoma based publicly traded energy company
engaged in the exploration, production, acquisition and enhancement of oil and
natural gas reserves in the Mid-Continent and Gulf Coast regions in the United
States. For more information on PetroCorp, go to www.petrocorp.com.

Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve risks and
uncertainties, and actual results could differ materially from these
expectations. Among the factors that could cause actual results to differ
materially are the timing and success of the company's drilling activities, the
volatility of the prices and supply and demand for oil and gas, the numerous
uncertainties inherent in estimating quantities of oil and gas reserves and
actual future production rates and associated costs, the usual hazards
associated with the oil and gas industry (including blowouts, cratering, pipe
failure, spills, explosions and other unforseen hazards), and increases in
regulatory requirements, as well as other risks described from time to time in
the company's periodic reports filed with the Securities and Exchange
Commission.

                                    Contacts:
                                 (918) 491-4500
                   Steven R. Berlin - Chief Financial Officer
                     Gary R. Christopher - President and CEO