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                                                                    Exhibit 99.1

                                                   Mission Resources Corporation
                                                          1331 Lamar, Suite 1455
                                                       Houston, Texas 77010-3039
  [LOGO]
  MISSION
 RESOURCES                                                          NEWS RELEASE
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Contact:  Ann Kaesermann
          Vice President - Accounting & Investor Relations, CAO
          investors@mrcorp.com
          (713) 495-3100

   Mission Acquires $97.6 Million of Its Subordinated Notes For $71.7 Million
                          Replaces Senior Bank Facility

HOUSTON - March 28, 2003 -- Mission Resources Corporation (Nasdaq: MSSN)
announced today that it had acquired, in a private transaction with affiliates
of Farallon Capital Management, LLC, $97.6 million of its 10 7/8% senior
subordinated notes (the "Notes") for approximately $71.7 million plus accrued
interest. Simultaneously with the buyback, Mission has amended and restated its
credit facility with new lenders, led by Farallon Energy Lending, LLC.

The amended and restated senior secured credit facility (the "Facility") has a
term of approximately 21 months and has initial availability of $80.0 million.
The Company has drawn the full $80.0 million. Approximately $75.0 million of the
drawn funds were used to acquire $97.6 million face amount of the Notes and pay
closing costs associated therewith. The remaining amount is available for
general corporate purposes. The Facility provides that an additional $10.0
million could be made available at the sole discretion of the lenders and that
if such additional advance were to be made, it could be used only for the
purpose of acquiring additional Notes. There can be no assurances that the
lenders will consent to this additional advance. The interest rate on the
Facility is 12% initially and will increase to 13% in early 2004. The Facility
allows the Company to put in place a revolving credit facility of up to $12.5
million with a third party subject to certain limitations.

"We are pleased to have completed this important first step in de-levering our
balance sheet," said Robert L. Cavnar, Mission's chairman, president and chief
executive officer. "While there can be no assurance of success, there are a
number of next step alternatives we will be considering in our effort to further
reduce leverage, including, among others, a refinancing or repurchase of the
remaining Notes, the issuance of equity or debt securities for cash or
properties or in exchange for the Notes, the sale of certain oil and gas
properties, the acquisition of another company or assets, the addition of other
secured and unsecured debt financing, or a merger with or acquisition by another
company. Our goal is to reduce debt to a more appropriate level. Recovery of
Mission's financial stability and value will continue to be our top priority as
we strive to reposition the Company for growth."

Mission Resources Corporation is a Houston-based independent exploration and
production company that drills for, acquires, develops, and produces natural gas
and crude oil in the Permian Basin of West Texas, along the Texas and Louisiana
Gulf Coast and in 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.

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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.