World Oil Launches The Next Generation Awards Program; Nominations Accepted Through July 15, 2002.

Business/Energy Editors

World Oil(R) magazine today officially launched The Next Generation Awards Program to showcase the leaders and technologies that will shape the future of the upstream petroleum industry. The nine World Oil(R) Awards will highlight best practices in the exploration, drilling and production sector of the petroleum industry and recognize the innovations and innovators of today that will help drive tomorrow's success. This unique program will also directly benefit selected universities that prepare students for careers in the petroleum industry.

"The petroleum industry faces a talent crunch," said Russell Wright, publisher of World Oil. "The Next Generation Awards help address this crisis by showcasing the solutions - and people -- that will help drive leading companies. By highlighting future leaders and innovative technology, new talent will be inspired to join the industry. The Awards Dinner will also directly benefit those institutions of higher learning that will ultimately attract new talent to the global petroleum sector. The strong support this Program has already garnered from the industry is indicative of its value."

The winners of the Awards will be featured in a special report in the November 2002 issue of World Oil magazine and will be announced at the World Oil Awards dinner in Houston on Oct. 17, 2002. Proceeds from the Awards Dinner will benefit The Oil & Gas Centre at the University of Aberdeen, the National Centre for Petroleum Geology & Geophysics at the University of Adelaide, the Mewbourne School of Petroleum and Geological Engineering at the University of Oklahoma, and the Harold Vance Department of Petroleum Engineering at Texas A&M University.

Corporate sponsors are underwriting specific award categories, and KPMG Consulting is this year's sponsor of "The Next Generation Idea Award." Spencer Stuart is sponsoring the "World Oil oil and gas Industry Executive Award." Nominations can be made online at www.awards.worldoil.com and will be accepted through July 15, 2002.

The Advisory Board for the World Oil Program will serve as an objective third party to judge the short list of nominations. Comprised of industry leaders, the Board includes:

-- Osmar Abib, Managing Director Head of Global Oil & Gas Group, Credit Suisse First Boston;

-- Sheldon R. Erikson, Chairman, PESA, and Chairman, President & CEO of Cooper Cameron Corporation;

-- Doug Foshee, Executive Vice President & CFO, Halliburton;

-- Joe B. Foster, Chairman of the Board and Founder, Newfield Exploration Company;

-- James T. Hackett, Chairman, President and CEO, Ocean Energy;

-- Dr. Stephen A. Holditch, Schlumberger Fellow, President, SPE and Professor Emeritus at Texas A&M University;

-- David F. Lincoln, Managing Director, EnerTech Capital;

-- Megan Mastal, Senior Managing Director, Energy Group, Hill and Knowlton Inc.;

-- Amanda J. Mesler, Managing Director, Energy Practice, KPMG Consulting;

-- Andy Mitchell, Principal Petroleum Geophysicist/Senior Lecturer, National Centre for Petroleum Geology & Geophysics, University of Adelaide;

-- James K.B. Nelson, Partner, Felicity Ventures and Member, Board of Directors, Grey Wolf Inc.;

-- Dr. W. Arthur "Skip" Porter, University Vice President for Technology Development & Dean of the College of Engineering at the University of Oklahoma;

-- Richard J. Preng, Managing Director, Global Energy, Spencer Stuart;

-- Matthew R. Simmons, Chairman and President, Simmons & Company, International; and

-- Arthur L. Smith, Chairman and CEO, John S. Herold Inc.

Marlene McClinton, producer of the PBS documentary "Women with Energy" and president of Batyah Productions Inc., will be the master of ceremonies at the World Oil Awards Dinner in October.

World Oil(R) magazine, the leading trade journal for the exploration, drilling and production sector, has a worldwide circulation of 36,000 readers. Gulf Publishing Company has published World Oil for 86 years.