Mariner Energy Announces ~70% Increase in Production at Bass Lite With Completion of Primary Production System
August 26 2008 - 6:56PM
PR Newswire (US)
HOUSTON, Aug. 26 /PRNewswire-FirstCall/ -- Mariner Energy, Inc.
(NYSE:ME) announced today the completion of the primary production
system for its Bass Lite deepwater field. The completed system
allows production of up to 130 million cubic feet of natural gas
per day (MMcf/d) from the two wells at Bass Lite, up from previous
early production levels of 70-75 MMcf/d. Current daily production
from the field is 118 MMcf/d. Bass Lite, located in Atwater Valley
Block 426 in water depths of approximately 6,750 feet, commenced
operation in February 2008 from an early production system that
allowed a single well to produce while construction of the primary
production system was completed. Natural gas is produced from Bass
Lite via a 56-mile subsea tieback to the Devils Tower Spar located
on Mississippi Canyon Block 773. Mariner is the operator at Bass
Lite and holds a 42.2% working interest in the field. Other working
interest owners in the field include EOG Resources, Inc., Energy
Resource Technology GOM, Inc., a wholly owned subsidiary of Helix
Energy Solutions Group; Deep Gulf Energy LP, and Eni. About Mariner
Energy, Inc. Mariner Energy is an independent oil and gas
exploration, development, and production company headquartered in
Houston, Texas, with principal operations in West Texas and the
Gulf of Mexico. For more information about Mariner, visit the
company's website at http://www.mariner-energy.com/. Important
Information Concerning Forward-looking Statements This press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than
statements of historical facts, that address activities that
Mariner assumes, plans, expects, believes, projects, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. Our
forward-looking statements generally are accompanied by words such
as "may", "will", "estimate", "project", "predict", "believe",
"expect", "anticipate", "potential", "plan", "goal" or other words
that convey the uncertainty of future events or outcomes.
Forward-looking statements in this press release are based on
Mariner's current belief based on currently available information
as to the outcome and timing of future events and assumptions that
Mariner believes are reasonable. Mariner does not undertake to
update its guidance, estimates or other forward-looking statements
as conditions change or additional information becomes available.
Mariner cautions that its forward-looking statements are subject to
all of the risks and uncertainties normally incident to the
exploration for and development, production and sale of oil and
natural gas. These risks include, but are not limited to, price
volatility or inflation, environmental risks, drilling and other
operating risks, regulatory changes, the uncertainty inherent in
estimating future oil and gas production or reserves, and other
risks described in the Annual Report on Form 10-K for the fiscal
year ended December 31, 2007, and other documents filed by Mariner
with the Securities and Exchange Commission (SEC). Any of these
factors could cause Mariner's actual results and plans to differ
materially from those in the forward-looking statements. Investors
are urged to read the Annual Report on Form 10-K for the year ended
December 31, 2007 and other documents filed by Mariner with the
SEC. This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Mariner.
DATASOURCE: Mariner Energy, Inc. CONTACT: Patrick Cassidy of
Mariner Energy, Inc., +1-713-954-5558, mobile, +1-713-261-2627, Web
site: http://www.mariner-energy.com/
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