Deep Gulf Strikes Oil in GOM

Helix Energy Solutions Group announced an oil discovery at the Danny II exploration well at the Bushwood Field located in Garden Banks Block 506, approximately 145 miles offshore from Galveston, Texas. The Danny II exploration well encountered more than 70 feet of high quality net pay.

Johnny Edwards, President of Energy Resource Technology GOM (ERT), a wholly-owned subsidiary of Helix, stated, "Preliminary data from down-hole test tools confirmed oil in the Danny II well with over 9,500 psi of bottom-hole pressure. Additional testing to determine the composition of the reservoir fluids is on-going. We will provide an update on Danny II after completion."

The Danny II exploration well was drilled to a total depth of approximately 14,750 feet, in water depths of approximately 2,800 feet. The well is currently being completed and most likely will be developed via a subsea tie back system to our 70% owned and operated East Cameron Block 381 platform located approximately 31 miles to the north in 370 feet of water. First production from Danny II is expected in the fourth quarter of 2012.

Helix holds a 50 percent working interest in the exploration well jointly with Deep Gulf Energy LP (Operator) and Deep Gulf Energy II, LLC (both First Reserve Corporation and Quintana Capital backed entities), who own the other 50 percent working interest.

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