Petsec to Shut-In Chandeleur Island Platform for Pipeline Maintenance

Petsec has received notice from the owner of the pipeline that transports gas from Petsec's Chandeleur Island 31/32 Field to sales, that necessary maintenance on its pipeline will require shutting in Petsec's CA 31 Platform for approximately ten days. The maintenance is currently expected to begin in the latter part of November.

An unused platform in the Chandeleur Area will be disconnected from the 12 inch pipeline that Petsec's CA-31 platform ties into, requiring the shut-in and isolation of Petsec's CA-31 platform.

Petsec Energy produces approximately 13.5 million cubic feet of gas per day (MMCFD) net to Petsec from the CA 31/32 Field which is approximately 50% of the Company's current net production of around 27 MMCFD.