Waveland Energy Partners Names Thomas Fetters as President and Director of Exploration.

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--Jan. 30, 2004

Waveland Energy Partners LLC ("Waveland"), a wholly owned subsidiary of Waveland Capital Group, announced the addition of R. Thomas Fetters as President and Director of Exploration. Concurrently, Mr. Fetters will continue to serve as Chief Executive Officer of Houston-based Delta Resources Group LLC, a company specifically formed to utilize leading-edge technology in oil and gas exploration. He also serves on the board of directors for Energulf Resources.

Mr. Fetters is one of the better-known E&P geologists in the world, with a track record of auspicious success in multinational exploration and production. "Waveland is experiencing incredible growth and we are fortunate to have someone with Tom's experience and track record on board," said Michael J. Greer, CEO of Waveland.

Prior to forming Delta Resources and joining Waveland, Mr. Fetters served as Managing Director of Exploration for Beta Oil & Gas, Inc. ("Beta"). While there he was responsible for Beta's participation in Brookshire Dome Field, located west of Houston, with over 30 successful wells and production of over 1,000 barrels of oil per day (BOPD), with substantial deep natural gas potential yet to be developed. He was also responsible for Beta's participation in West Broussard Field in South Louisiana, with current production of 17 million cubic feet of gas per day and 400 BOPD, and projected reserves of over 20 billion cubic feet of gas-equivalent reserves. Waveland owns a working interest in both of these projects. Prior to joining Beta, Mr. Fetters served as President of XCL China, a division of XCL LTD., and President and CEO of CNG Producing Company (now Dominion Resources, Inc.).

Before that, Mr. Fetters spent several years at Exxon, which has since merged to become Exxon Mobil Corporation, where he served as Exploration Planning Manager for Exxon U.S.A., Exploration Manager for Exxon Australia, and Chief Geologist for Exxon Malaysia. During the mid-1970s, Mr. Fetters was Division Manager for Exxon's research organization, during which he served as Chairman of GEOSAT, a joint industry-U.S. government (NASA) organization devoted to improving remote sensing capabilities (e.g., satellite imaging) for mapping hydrocarbon and mineral deposits around the world. Mr. Fetters holds BS and MS degrees in Geology from the University of Tennessee.

Waveland Energy Partners LLC is a Delaware limited liability company formed to enable investors to participate in exploration, development, and production of oil and natural gas reserves. For more information, please contact Michael J. Greer at 949-251-9383, ext. 101.

Forward-Looking Statements: The statements in this report regarding projected production performance and expected drilling and development activities are "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Such factors include uncertainties inherent in reserve estimations and production rates, especially for estimates of undeveloped reserves; operational risks inherent with corresponding exposure to delays, significant cost overruns, and mechanical problems; the highly competitive nature of activity with corresponding shortages of equipment and personnel; and the uncertain cost and pricing environment in the oil and gas industry. Waveland has no obligation to update the statements contained in this report or to take action that is described herein or otherwise presently planned.