Phoenix Cases Marathon Prospect Well

A 7 5/8-inch casing has been set at a depth of 14,000 feet (4,267 meters) in the Louisiana State Lease No. 20221 No. 1 well on the Marathon prospect. The reserve estimate of the prospect ranges from 20 to 78 Bcfe. Situated in 8 feet (2.4 meters) of water in the Atchafalaya Bay, the well will be drilled to a total depth of 18,800 feet (5,730 meters), which should be reached in late October/early November 2010. Participants in the lease are Phoenix Exploration Company LP (operator, 65%), Petsec Energy Ltd. (10%), and a Private Company (25%).