Entek Energy Participates in Gulf of Mexico Well

Entek Energy is participating in an exploration well to be drilled in shallow waters offshore Texas. The well located in Block 24-L S/L No. M-106410 is expected to spud in about seven days.

The well will be drilled to a depth of approximately 4,326 meters subsea and is expected to take 40 days to drill.

Entek is farming out its 20% interest in the block to several US-based independents for a free carry in the well and in so doing is retaining 5% working interest before royalty burden.

Entek was part of a consortium that was high bidder for this block. The company remains committed to increasing its interest and activity in the Gulf of Mexico in what management considers low risk oil and gas targets in shallow waters with an established infrastructure to facilitate early exploitation of any discovery.

The participation in this block by Entek follows the company's recent farm-in to the Gulf of Mexico blocks South Marsh 138 and South Marsh 152.

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