Mariner Energy Restarts Production at Two Deepwater Projects

Mariner Energy has recommenced production on its Ochre and Pluto deepwater Gulf of Mexico projects. Ochre, located in Mississippi Canyon block 66, was shut-in following Hurricane Ivan. Production has been restored to a gross rate of approximately 10.5 million cubic feet of gas equivalent per day (MMcfe/d). Mariner operates Ochre with a 75% working interest and Stone Energy has a 25% working interest. Pluto, located in Mississippi Canyon block 718, was originally shut-in for the drilling and completion of a new well. Start-up was delayed due to Hurricane Katrina. Production from Pluto has recommenced and the well is currently producing at a gross rate of approximately 40 MMcfe/d. Mariner expects to achieve a gross production rate in the range of approximately 40 to 50 MMcfe/d. Mariner operates Pluto with a 51% working interest and W&T Offshore has a 49% working interest. Mariner estimates that most of its remaining production shut-in due to the damage caused by the 2005 hurricanes will recommence during the fourth quarter of 2006.