Entek awarded three (3) new Blocks by Minerals Management Service (MMS), US Department of the Interior.
Entek will now initiate independent certification of the proven, probable and possible reserves on WC 517 and will initiate detailed studies on GA 212 and GA 213.
"These Blocks are significant additions to our Gulf of Mexico low risk portfolio. WC 517 has proven reserves, only requires a single well development, and is within easy tie back to infrastructure, which allows us to proceed rapidly to production. We are confident with our internal estimate of reserves and will have independent certification of these reserves commenced immediately. We expect that the Block will easily attract an Operator and Partners and it is our intention to offer this opportunity to our preferred partners initially and in the near future.
"GA 212 and GA 213 are important because they add significant oil exploration potential. We have made a concerted effort over the last 6 months to balance our portfolio by including more oil reserves and prospective resources. Our recent testing of oil in the Focus Ranch 12-1 well in Colorado, where over 2.2 Million Barrels of 2P Reserves have been independently certified, is a recent success of this strategy," said Entek's chief executive officer.
Entek was high bidder on five Blocks at the recently held Minerals Management Service (MMS) Federal offshore oil and gas lease sale for the Gulf of Mexico held on August 19th 2009. Confirmation from the MMS of award of another three (3) blocks, these being GA 212, GA 213, and WC 517 follow the earlier award by the MMS of GA A133 officially awarded to Entek on the October 29th 2009. While official confirmation of award of the remaining Block has not yet been received from the MMS, Entek remains confident of being awarded this final Block as well.
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