Mariner Energy Commences Production From Its Geauxpher Field
May 27 2009 - 8:30AM
PR Newswire (US)
HOUSTON, May 27 /PRNewswire-FirstCall/ -- Mariner Energy, Inc.
(NYSE:ME) announced today the startup of production from Geauxpher,
a deepwater development in the Gulf of Mexico on Garden Banks Block
462. Geauxpher lies in water depths of approximately 2,700 feet
more than 150 miles from the Louisiana coast. The development
includes two wells with current gross production of approximately
115 million cubic feet of natural gas equivalent per day (MMcfe/d).
The wells are connected via a 40-mile subsea tieback to a
third-party operated platform on Garden Banks Block 72. Production
from the wells to pressurize the flowline to the platform commenced
April 15, 2009, and sales commenced May 15. Mariner holds a 60%
working interest and operates the Geauxpher field. Apache
Corporation holds the remaining 40% working interest. With the
startup of the Geauxpher field, approximately half of Mariner's
current daily production of 390-400 MMcfe/d comes from oil and gas
fields located in deepwater. In another joint venture with Apache,
Mariner is currently drilling an exploration well on the Arden
prospect on Garden Banks Block 949. Mariner operates the well,
which is expected to reach its targeted depth over the next two to
three months, and holds a 50% working interest. "We are realizing
production from Geauxpher less than a year after its discovery,
which is exceptional for a deepwater project of this magnitude and
a tribute to the expertise of our deepwater team. Even more
impressive, first production could have occurred as early as last
fall but for disruptions caused by Hurricane Ike," said Scott
Josey, Chairman, Chief Executive Officer, and President of Mariner
Energy. "The Geauxpher project has been an excellent collaboration
with Apache, and we are pleased to be partnering with them again on
our Arden prospect." 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 the Permian Basin and the Gulf of Mexico. For more information
about Mariner, visit the company's website at
http://www.mariner-energy.com/. 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 provided 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 as 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, 2008, as amended, and other documents filed by Mariner with the
SEC. Any of these factors could cause Mariner's actual results and
plans of Mariner 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, 2008, as
amended, 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, Mariner
Energy, Inc., +1-713-954-5558, Web Site:
http://www.mariner-energy.com/
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