Conoco Subsidiary Announces Significant Natural Gas Discovery in The Netherlands.

Business/Energy Editors

THE HAGUE, Netherlands--(BUSINESS WIRE)--Oct. 30, 2001

Clyde Petroleum Exploratie B.V., a wholly owned subsidiary of Conoco Inc. (NYSE:COC), has made a significant new natural gas discovery that extends over two blocks in the Dutch sector of the North Sea.

The Q4-10 discovery represents the seventh commercial discovery that the company has drilled offshore the Netherlands within the last three years.

"This discovery continues a successful period of exploration activity for Clyde but, more importantly, it is easily the biggest discovery made by the company in the past 10 years," Ian Abbotts, Clyde's exploration manager.

Exploratory well Q4-10, drilled using the Noble Lynda Bossler jack-up drilling rig, flowed at an unstimulated rate of 43 million standard cubic feet of gas per day gross (mmscf/d), 19.55 mmscf/d net, from a lower 56 meter perforated interval, and separately at an unstimulated rate of 39 mmscf/d gross, 17.7 mmscf/d net, from an upper 40 meter perforated interval. Both tests were carried out over limited perforation intervals within longer reservoir sections.

The Q4-10 discovery is located approximately 6 miles (10 kilometres) from the Clyde-operated pipeline and production facilities. The discovery is commercial; however, it will need appraisal to determine the full extent and optimum development scheme and the company is reviewing various development options.

The discovery extends from block Q4 into block Q1 and will be named Q1-A. Exploratory well Q4-10 was drilled jointly by the Q1 (Deep) and Q4 partners. Clyde Petroleum, as operator, holds a 45.46 percent interest, in partnership with Energie Beheer Nederland B.V. (40 percent), DSM Energie B.V. (10.32 percent), Dyas Nederland B.V. (1.45 percent) and CLAM Petroleum B.V. (2.77 percent).

Conoco is a major, integrated energy company active in more than 40 countries.

Forward-Looking Statement Disclaimer. This document contains forward-looking statements relating to the company's operations and business plans that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially include without limitation changes in crude oil and natural gas prices; unsuccessful development drilling; failure to achieve expected reserve or production levels for existing and future projects due to operating hazards, drilling risks, and the inherent engineering uncertainties in estimating oil and gas reserves; potential disruption or interruption of the Company's facilities and operations due to accidents or political events; general domestic and international economic and political conditions; and other matters set forth in the Company's periodic filings with the Securities and Exchange Commission.