Repsol YPF SA

Repsol YPF SA, its Argentine subsidiary YPF S.A. and its affiliates have retained Scotia Waterous Inc. to sell certain assets on and offshore Argentina. The package includes interests in approximately 37 blocks in the Austral, Neuquén, San Jorge, Cuyo and Northwest basins. Total production is approximately 28,000 barrels of oil equivalent per day and proved reserves are 60 million barrels equivalent. For more information, contact Edward Katterhagen, 713-437-5064.