Petsec Secures GOM Leases

Petsec was awarded leases on Main Pass 273 and Main Pass 274, on which it was the high bidder at the Central Gulf of Mexico Lease Sale 213 held on March 17, 2010.

Petsec Energy and its partner, Phoenix Exploration Company LP, submitted joint bids totaling US $1.345 million to acquire the leases. Petsec Energy is the operator with a 50% working interest in both blocks. The two leases are located approximately 65 kilometers (40 miles) from shore in approximately 61 meters (200 feet) of water. These leases are adjacent to existing Petsec production at the Main Pass 270 field and have additional unrisked reserve potential of 50 – 100 Bcfe.