Mariner Energy High Bidder on 19 Blocks at Central OCS Lease Sale 206
Bids Totaling $79.1 Million for 16 Prospects HOUSTON, March 31, 2008 /PRNewswire-FirstCall/ -- Mariner Energy, Inc. (NYSE:ME) announced today that it is the apparent high bidder on 19 of 30 blocks on which it bid at the U.S. Minerals Management Service (MMS) Central Gulf of Mexico Lease Sale 206 held March 19, 2008. Mariner submitted joint bids with one or more industry partners on most blocks and exposed a net total of $109.9 million. Mariner's net exposure on the 19 apparent high bids was $79.1 million.
Several of Mariner's identified prospects were among the most active in the sale, with 26 of Mariner's 30 bids receiving one or more competing bids and one receiving ten bids. Mariner's apparent high bid blocks involve 7 deepwater subsalt prospects (both Wilcox and Miocene), 4 conventional deepwater prospects, 4 deep shelf prospects, and 1 conventional shelf prospect. Mariner's working interest in the blocks once awarded will range from 33% to 100%. Mariner expects the MMS to determine which blocks will ultimately be awarded over the next several months. Scott D. Josey, Mariner's Chairman, Chief Executive Officer and President, commented on the successful lease sale results stating: "Assuming the blocks are awarded by the MMS, Mariner will have significantly expanded its exploratory drilling inventory in the Gulf, with a particular emphasis on subsalt prospects that have the potential to add substantial value for our stockholders. Combined with last October's Central Gulf sale, Mariner stands to pick up interests in a total of 40 blocks representing 33 prospects, with a net investment to Mariner of approximately $140 million. Additionally, 14 of these prospects are subsalt opportunities, marking a new chapter for Mariner as we expand on our conventional deepwater track record into this new high-impact play."
About Mariner Energy, Inc. Mariner Energy, Inc. is an independent oil and gas exploration, development and production company headquartered in Houston, Texas, with principal operations in West Texas, the deepwater Gulf of Mexico, and on the shelf of the Gulf of Mexico. For more information about Mariner, please visit its website at http://www.mariner-energy.com/. For further information, contact: John H. Karnes, Chief Financial Officer This news 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 are generally 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. The forward-looking statements provided in this press release are based on the current belief of Mariner based on currently available information as to the outcome and timing of future events. Mariner cautions that its future natural gas and liquids production, revenues and expenses and other forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas. These risks include, but are not limited to, price volatility or inflation, lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks as 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 the 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, 2007 and other documents filed by Mariner with the SEC that contain important information including detailed risk factors. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner. First Call Analyst:
CONTACT: John H. Karnes, Chief Financial Officer of Mariner Energy, Inc. Web site: http://www.mariner-energy.com/
2008-03-31 18:53:40 0324109 PRNEWSWIRE
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