Entek to Participate in Three Gulf of Mexico Blocks

Entek Energy's subsidiary, South Marsh LLC has signed a participation agreement with Ridgelake Energy of Louisiana to earn up to a 10% interest in three blocks in the Gulf of Mexico held by Ridgelake.

To earn its interest in the leases, South Marsh LLC much reimburse Ridgelake up to 13.33% of certain past costs, and meet up to 13.33% of the cost of drilling to casing election point. In addition, Entek will issue 300,000 options to Ridgelake (or their nominees) to acquire shares in Entek Energy Ltd. The options will be exercisable at 12.9 cents each and will expire on December 30, 2009.

This represents an entry opportunity for the company into an exploration and production area much sought after by prominent energy companies worldwide.

The leases are subject to a 16-2/3% federal royalty and between a 3-1/3% to 4% royalty in favor of certain third parties who generated the properties.

South Marsh LLC has not yet entered into joint operating agreements for these leases (which are to appoint Ridgelake as the operator) which are necessary before South Marsh LLC has an enforceable right to earn an interest in the Leases; and drilling on any of the leases can commence and South Marsh LLC can earn its interest in the leases.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Landman - Permian Basin
Expertise: Landman
Location: Midland, TX
SXL - Senior Counsel, Corporate Finance & Securities
Expertise: Accounting|Legal
Location: Newtown Square, PA
Operations Supervisor - Hobbs, NM Job
Expertise: Asset Management|Operations Management|Refinery / Plant Operations Supervisor
Location: Hobbs, NM
search for more jobs

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours