Barrett Tasks Goldman Sachs with Review of Strategic Alternatives

Barrett Resources (Peru) has retained Goldman, Sachs & Co. to act as the company's exclusive financial advisor. The Company has initiated a process of reviewing financing and strategic alternatives that would facilitate the development of the company's sizable northeast Peru crude oil fields located in Block 67 (Paiche, Pirana and Dorado fields) in an expeditious, cost-effective and environmentally responsible manner.

The Company's decision follows the Peruvian government's recent approval of Barrett's Initial Development Plan for development of its Block 67 fields located in the Peruvian Maranon Basin. "The Company is excited about Block 67's prospects and looks forward to executing its development plan. We recognize the paramount importance of this project for the future of the Peruvian oil & gas industry in general and our company in particular," stated James Dean, Executive Director of Barrett Resources. "In order to facilitate the implementation of our development plan, and following common practice in our industry, the board has initiated the process of analyzing different financing and strategic alternatives," Dean said.

Barrett Resources (Peru), LLC is an independent upstream energy company incorporated in Delaware (USA) whose primary focus is the exploration for and development of oil and gas reserves in Peru. The company has been active in Peru for over 10 years, and is responsible for drilling the initial exploration wells in 1998 resulting in the discovery of the Paiche, Pirana, and Dorado fields in Block 67 of the Maranon Basin.