Leed Petroleum Increases Inventory in GOM
Leed Petroleum has been awarded the Grand Isle block 96 lease in the Central Gulf of Mexico Minerals Management Services ("MMS") Lease Sale 213, having received all necessary MMS approvals.
The Company bid US $427,699 for the block which is adjacent to the Company's Grand Isle 95 and 100 blocks. On April 13 2010, the MMS confirmed acceptance of Leed's bid.
Leed will own a 100% working interest and a 79.75 % net revenue interest in the block. The lease will be held for an initial five year "primary" term during which the Company has the right to explore and produce hydrocarbons and for as long thereafter as production in commercial quantities is extracted from the lease. The Grand Isle field is located approximately 100 miles south of New Orleans, Louisiana in 200 feet of water.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented,"The award of Grand Isle 96 Block increases Leed's inventory to 17 blocks in the Gulf of Mexico. The addition of this block, which is adjacent to Grand Isle blocks 95 and 100, will compliment the Company's development plans for the Grand Isle area and add substantial upside potential."