Petsec Sole Bidder on 2 North Padre Leases in GOM Sale

Petsec Energy was the sole bidder on two leases in the Western Gulf of Mexico Lease Sale 207 conducted by the Minerals Management Service (MMS) in New Orleans on August 20, 2008.

The leases will be awarded subject to approval by the MMS which is expected to occur within the next 90 days.

Details of the two leases and amounts bid are as follows:

Block Area (Acres)

  • North Padre; 929 5000 (Petsec, 100% WI; Operator)
  • North Padre; 934 5000 (Petsec, 100% WI; Operator)

Amount Bid (US $)

  • $188,000 for both, totaling $376,000