Mariner Energy Becomes Operator of West Cameron Block
Mariner Energy acquired the interest of BP Exploration & Production Inc. in West Cameron Block 110 and the SE/4 of West Cameron Block 111 in the Gulf of Mexico. The interest was acquired by Mariner's wholly-owned subsidiary, Mariner Energy Resources, Inc. ("MERI"), exercising its preferential right to purchase. BP retained its interest in depths below 15,000 feet. MERI previously held a 37.5% working interest in the property that was acquired in Mariner's merger transaction with Forest Oil Corporation in March 2006. Mariner will become operator of the property, and MERI will own 100% of the working interest, exclusive of the deep rights retained by BP. The acquisition cost, net of preliminary purchase price adjustments, was approximately $70.9 million.
The acquisition adds proved reserves estimated by Mariner to be 20 billion cubic feet of gas equivalent (Bcfe) as of August 1, 2006. Production associated with the acquired interests was approximately 11 million cubic feet of gas equivalent per day (MMcfe/d) during July 2006.
Operates 32 Offshore Rigs
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