Entek has been confirmed as joint high bidder on two blocks in the MMS Central Lease Sale 213, which closed on March 17, 2010. Award of the blocks is subject to further review by the Minerals Management Service (MMS).
The Company's ongoing production cashflow and strong balance sheet enables it to take advantage of the global economic climate and the resultant low activity levels and substantial deal flow.
The blocks on which Entek was highest bidder contain existing, un-produced oil and gas discoveries with proven reserves as well as offset potential.
Entek joint bid these blocks with a partner with significant Gulf of Mexico operating experience, eliminating the need to farm-out and enabling quick developments of the blocks. Entek's 50% contribution to the bids is less than US $200,000.
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