Mariner Energy Posts Apparent High Bids on 45 Blocks in Central OCS Lease Sale 213 and Provides Deepwater Prospect Inventory Upd
March 19 2010 - 10:15AM
Marketwired
Mariner Energy, Inc. (NYSE: ME) today announced that the company is
the apparent high bidder on 45 blocks on which it bid at the U.S.
Minerals Management Service (MMS) Central Gulf of Mexico Lease Sale
213 held on March 17, 2010 in New Orleans. The company's working
interests on the blocks ranges from 16.67-100%, with a net exposure
of approximately $62.8 million. Mariner expects the leases to be
awarded over the next several months subject to MMS review and
approval.
Mariner's apparent high bids include nine shelf blocks and 36
deepwater blocks covering 27 prospects. These include three
conventional shelf, four deep shelf, one deepwater Wilcox, one
deepwater conventional amplitude, and 18 deepwater subsalt Miocene
prospects. In the Keathley Canyon and Walker Ridge Lease
Protraction Areas, Mariner submitted joint bids with Anadarko
Petroleum Company and Plains Exploration & Production Company,
its co-venturers at the Lucius discovery on Keathley Canyon Block
875. Mariner partnered with both companies on 23 blocks and with
Anadarko on six additional deepwater blocks. The apparent high bids
include several drill-ready prospects and mature leads.
Mariner also announced that the reservoir engineering firm
DeGolyer and MacNaughton (D&M) recently evaluated 26 deepwater
Gulf of Mexico prospects identified by Mariner as top high
potential prospects in its current deepwater exploration portfolio
(excluding any Lease Sale 213 prospects). D&M estimates that
the 26 prospects hold prospective resource potential of
approximately 1.28 billion barrels of oil equivalent, net, unrisked
to Mariner, providing independent, third-party verification of the
potential of a portion of Mariner's deepwater exploration
portfolio.
"We are very pleased with the results of the lease sale as we
strengthened our positions in existing holdings -- including two
blocks offsetting our Lucius discovery -- expanded our positions in
the prolific subsalt play in prospects similar to those evaluated
in D&M's encouraging report, as well as broadened our portfolio
in other exploration play fairways. We look forward to working with
our partners on these projects," said Mike van den Bold, Senior
Vice President and Chief Exploration Officer.
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, Gulf Coast and the Gulf of Mexico. For more
information about Mariner, visit the company's website at
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
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as "may", "will", "estimate", "project", "predict", "believe",
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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. Estimated reserves are related to
hydrocarbon prices. Hydrocarbon prices used in estimating reserves
may vary significantly from actual future prices. Therefore,
volumes of reserves actually recovered may differ significantly
from such estimates. 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 Mariner's
latest Annual Report on Form 10-K 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 of
Mariner to differ materially from those in the forward-looking
statements. Investors are urged to read Mariner's latest Annual
Report on Form 10-K and other documents filed by Mariner with the
SEC.
"Proved" oil and gas reserves are those that can be estimated
with reasonable certainty to be economically and legally producible
under existing economic conditions, operating methods and
government regulations. "Probable," "possible" and "non-proved"
reserves, reserve "potential" or "upside" or other descriptions of
volumes of reserves potentially recoverable involve estimates that
by their nature are more speculative than estimates of proved
reserves and accordingly are subject to substantially greater risk
of actually being realized by Mariner. The SEC generally does not
permit a company's filings with the SEC to include estimates or
estimated values of oil or gas resources other than reserves due to
concern that resources other than reserves are too speculative and
may be misleading.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Mariner.
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