May 5, 2004

NEW ORLEANS - Dominion Exploration & Production, Inc., a subsidiary of Dominion Resources (NYSE: D), today announced the start of production from the Devils Tower field, located about 140 miles southeast of New Orleans on Mississippi Canyon block 773 in the deepwater Gulf of Mexico. Dominion expects Devils Tower will produce 60 billion cubic feet of natural gas equivalent net to Dominion over the first 12 months of production.

“Production and corresponding cash flow from deepwater projects like Devils Tower and Front Runner, which will come on later this year, provide tremendous upside to our E&P program and complements our stable, long-life onshore program,” said Thos. E. Capps, Dominion’s chairman and chief executive officer. “We expect to continue to see increased production, strong operating cash flow and a solid platform for growth from our E&P operations.”

“The startup of Devils Tower is a significant milestone for Dominion,” said Duane Radtke, president and chief executive officer of Dominion E&P. “The project is the fourth producing property in our deepwater portfolio, and the first operated by Dominion. Devils Tower will be a major contributor to our deepwater production growth over the next two years and will generate significant cash flow. The Devils Tower project also adds to our record of outstanding exploration, production, and safety success offshore.”

Production from the Mississippi Canyon 773 A-1 well began today. The well is the first of eight completions to be brought on in sequence through the first quarter of 2005. Oil and gas production from Devils Tower flows through a spar floating production facility owned by a unit of The Williams Companies, Inc.

The spar is designed to handle 60 thousand barrels of oil and 110 million cubic feet of gas per day. Located in 5,610 feet of water, the facility is the world’s deepest dry-tree spar. In addition to the Devils Tower wells, a three-well subsea development is currently under evaluation to connect the adjacent Triton and Goldfinger discoveries to the host platform.

“We look forward to production from Devils Tower for years to come and to continuing an outstanding relationship with the Williams Companies,” Radtke said.

Dominion E&P owns a 75 percent interest in the Devils Tower project area, with partner Pioneer Natural Resources Company owning the remaining 25 percent.

Dominion is one of the nation's largest producers of energy, with a portfolio consisting of 24,000 megawatts of generation, 6.4 trillion cubic feet equivalent of natural gas reserves, 7,900 miles of natural gas transmission pipeline and more than 960 billion cubic feet of storage capacity. Dominion E&P is one of the largest independent natural gas and oil exploration and production companies in North America with daily production of nearly 1.3 billion cubic feet of natural gas equivalent. Dominion E&P operates in several major producing basins in the lower 48 states, plus the outer continental shelf, deepwater areas of the Gulf of Mexico, and western Canada. Dominion also serves five million retail energy customers in nine states. Additional information about Dominion is available on the Internet at www.dom.com.

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