Production Restored at Petsec Main Pass Field

Petsec announced that production from the Main Pass Block 270 field, offshore Louisiana, USA was restored on September 15, 2010.

The field had been shut-in since early April 2010 due to damage to an onshore oil pipeline owned by a third-party. Efforts to repair the damaged line are ongoing; however an agreement was reached allowing for oil production from the affected fields to be transported through an alternative pipeline.

Production rates from the three wells have stabilized and the wells are currently producing an average gross rate of 20 million cubic feet of gas per day and 650 barrels of oil per day, similar to the production rate at the time of shut-in in April.

The Company has a 25.00% working interest and a 20.83% net revenue interest in the field.