Mobile Bay Well Completed as a Producer

The Mobile Bay 950 gas discovery announced on November 6th has been completed for production.

The rig is now moving close by to Mobile Bay 873 to drill a similar style of prospect to that of Mobile Bay 950 in the Gulf of Mexico.

The Mobile Bay 873 well is expected to spud early next week and test a target with reserve potential of 5-10 bcf of gas. Drilling time is expected to be approximately twelve days. Petsec Energy owns a 50% working interest (40% net before payout) in the lease.

Petsec Energy also owns an additional 4 leases in Mobile Bay each with similar 3D seismic defined prospects. Two of these leases are adjacent to the south of the Company's recent gas discoveries on the Mobile Bay 950 and 951 leases.