Mariner Energy Updates Drilling Results and Hedging Activity

Mariner Energy, Inc. announces year-to-date drilling results and provides information on recent hedging activity.



To date during 2007, Mariner has been successful on nine of eleven wells drilled in the Gulf of Mexico. Five of the successful wells were exploratory, and four were development wells. Seven of the successes are located on the conventional shelf, and two are in deepwater. The successful exploratory wells are:

     Well                Operator       Working Interest

     SM 150#1            Mariner             100%
     WC 110#18           Mariner             100%
     EI 337 A5ST1        Devon                 2%
     HI A467 A1ST1       Mariner             100%
     WC 252#1            EPL                  25%

The successful development wells are:

     Well                Operator       Working Interest

     WC 110#12           Mariner             100%
     HI A467A16          Mariner             100%
     AT 426#1BP1         Mariner              42%
     AT 426#2            Mariner              42%

Two exploratory wells, one on the deep shelf and one in the deepwater, were not successful:

     Well                Operator       Working Interest

     WC 130#4            Dominion             15%
     EB 369#1            Mariner              60%

Mariner is currently drilling four offshore wells, all of which are exploratory:

     Well                Operator      Working Interest     Location

     MP 50#1             Cimarex              25%           Conventional Shelf
     HI 467 A17          Mariner             100%           Conventional Shelf
     BA A24#1            Hydro                20%           Deep Shelf
     EB 424#1            Mariner              41%           Deepwater


In West Texas, to date during 2007, Mariner has drilled 33 wells, with 100% success, and currently has four rigs running.


Since December 31, 2006, Mariner has entered into the following new hedging contracts:

     Fixed Price Swaps                           Quantity        Fixed Price

     Natural Gas (MMBtus)
        May 1 - December 31, 2007               8,774,596             $8.00
        January 1 - December 31, 2008           7,774,290             $8.59
        January 1 - September 30, 2009          8,052,820             $8.30

     Crude Oil (Bbls)
           July 1 - December 31, 2007             627,900            $69.20
        January 1 - December 31, 2008             992,350            $69.34
        January 1 - September 30, 2009          1,280,750            $68.93

For More Information on the Offshore Rig Fleet:
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