Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Mariner Energy Inc.

Levi & Korsinsky is investigating the Board of Directors of Mariner Energy Inc. (“Mariner” or the “Company”) (NYSE: ME) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Apache Corporation (“Apache”) (NYSE: APA). Under the terms of the transaction, Mariner shareholders will receive $7.80 in cash and 0.17043 shares of Apache stock for each share of Mariner that they own. Based on the prior day closing price for Apache stock of $108.06, the proposed transaction values Mariner shares at approximately $26.22 per share for a total transaction value of approximately $4.0 billion, including assumption of debt. The average closing price for Apache stock over the last year was approximately $91.64 per share.

For the quarter ending December 31, 2009, Mariner reported total revenue of $240.289 million and net income of $83.274 million as compared to total revenue and net income of $227.346 million and $4.222 million, respectively, for the prior quarter. The investigation concerns whether the Mariner Board of Directors breached their fiduciary duties to Mariner stockholders by failing to adequately shop the Company before entering into this transaction and whether Apache is underpaying for Mariner shares, thus unlawfully harming Mariner stockholders. In particular, at least one analyst set a price target for Mariner stock at $27.00 per share.

If you own common stock in Mariner and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/mariner-energy-me.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Mariner Energy Inc. (NYSE:ME)
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