Mariner Energy Completes Private Placement of Common Stock

Mariner Energy, Inc., a privately-held independent oil and gas exploration and production company, announced the completion of the private placement of 31,452,500 shares of Mariner common stock by Mariner and its private equity stockholder. The shares were sold to a broad group of qualified institutional buyers and accredited investors. As a result, no single investor or related group has a controlling interest in Mariner.

Net proceeds of approximately $363 million were distributed to Mariner's private equity stockholder, and net proceeds of approximately $45 million were used by Mariner for repayment of debt.

Friedman, Billings, Ramsey & Co., Inc. acted as the initial purchaser of and sole placement agent with respect to the shares.


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