Petsec Divests Interest in Onshore Louisiana Field

Petsec Energy today announced the sale of its interest in the Humphreys Field located in Terrebonne Parish, onshore Louisiana, USA effective December 31, 2008. The Humphreys Field consisted of two producing wells, a salt water disposal well, and production facilities. Production from the two wells, namely the Breaux No. 1 and the Burnett No. 2, was declining, with current combined flowing rates of approximately 1.1 million cubic feet of gas per day and more than 2,500 barrels of salt water.

The sale price for Petsec Energy's interest was US $400,000 plus the assumption of Petsec Energy's plugging and abandonment obligations.

Petsec Energy owned a 51% net revenue interest in the Burnett No. 2 Well and a 58% net revenue interest in the Breaux No. 1 Well and was the operator of both wells.