The owners of Typhoon were Chevron (50%) and BHP Billiton (50%); the owners of Boris were BHP Billiton (50%), Chevron (25%) and Noble Energy (25%); and the owners of Little Burn were BHP Billiton (60%) and Noble Energy (40%).

The Typhoon and Boris fields have been shut in since the Typhoon platform was damaged by Hurricane Rita. Prior to the storm, production from two Typhoon wells and two Boris wells averaged approximately 13,000 bbl. of oil and 21 million cu. ft. gas per day. A new well, Typhoon #4, was tested at 7,700 bbl. of oil per day in September 2005.

Energy Resource plans to complete this well and tie back both Little Burn and Typhoon #4 to a new production facility. Energy Resource will also have farm-in rights on five blocks with three moderate- to low-risk prospects identified in the Typhoon mini-basin.

Following the acquisition of Typhoon Field, the company will rename it Phoenix.

Helix chairman and chief executive Owen Kratz says, "The four wells that were flowing have a good production history and the field is well understood. There is immediate upside in the Typhoon GC 237 #4 well and the Little Burn GC 238 #1 ST-3 well, and we expect to bring production from these fields online mid-2008. We plan to redevelop all of the fields using a re-usable, mobile floating production unit."

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