Cal Dive Acquires Stake in Gulf of Mexico Deepwater Find

Cal Dive's subsidiary, Energy Resource Technology has acquired a 37.5% working interest in the Bass Lite discovery (Atwater Blocks 182, 380, 381, 425 and 426) in 7500' water depth along with varying interests in 50 other blocks of exploration acreage in the eastern portion of the Atwater (AT) lease protraction area from BHP Billiton. Terms of the transaction were not disclosed.

The Bass Lite discovery contains proved undeveloped (PUD) gas reserves in a sand discovered in 2001 by the AT 426#1 well. ERT's interest in the Bass Lite Field has been dedicated to the Independence Hub, however, the final development plan will ultimately be determined by the Bass Lite working interest owners at time of sanctioning.

ERT has purchased seismic data to evaluate numerous leads and prospects identified on the exploration acreage. Cal Dive Chairman and CEO, Owen Kratz, stated "The acquisition of the Bass Lite interest along with the Atwater Valley exploration acreage marks a major step forward with our Production Contracting strategy. Cal Dive can earn an attractive blended financial return from the ownership interest in the PUD as well as potential: (i) deepwater pipelay work; (ii) drilling utilization from the Q4000; and (iii) production handling fees at the Independence Hub. Cal Dive will also seek to retain ownership interests in any hydrocarbon reserves discovered with the Q4000 in adjacent properties."

Cal Dive and ERT have been active in the deepwater Gulf of Mexico during the past three years with their participation as a 20% working interest owner in the Gunnison Spar development, as well as innovative infrastructure ownership participation as a 50% owner of the Marco Polo TLP and a 20% owner of the Independence Hub. Most recently, ERT has taken a 30% working interest in the deepwater discovery Telemark, located in Block 63 of the Atwater Valley area.

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