Leed Completes Acquisition of Further Interests in Main Pass Field
Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announced that the Company's operating subsidiary, Leed Petroleum LLC, has completed the acquisition announced on 30 January 2008 with Challenger Minerals Inc. ("Challenger"), purchasing a portion of Challenger's interests in the Main Pass 57, 64 and 65 blocks located on the outer continental shelf of the Gulf of Mexico.
To satisfy a pre-existing obligation, the Company offered to a third party the opportunity to acquire 75% of Challenger's interest that Leed proposed to acquire under the sale and purchase agreement, and this third party has elected to participate. Accordingly, the Company has acquired 25% of Challenger's interests in these Main Pass assets effective as of 1 August 2007 in exchange for assuming 25% of Challenger's portion of the asset retirement obligations relating to these blocks.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, "We are pleased to have completed this acquisition, which incrementally adds to our existing revenue and production base in the Main Pass field. This acquisition will make a positive impact on our operating results and offers Leed the opportunity to increase its interest in significant exploration potential existing within the field."
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