2009-01-28-2009-01-05-2009-01-05

Purchased additional 11.6% WI in Bass Lite Field, total to 53.8%, involving Atwater Valley Block 426, 17.6 Bcfe proved.

Mariner Energy Inc., Houston, (NYSE: ME) has acquired an additional 11.6% working interest in Bass Lite Field in the Gulf of Mexico from Energy Resource Technology, a subsidiary of Helix Energy Solutions Group Inc., for approximately $32.6 million, bringing its total interest to 53.8%. The acquisition involves Atwater Valley Block 426 in depths of approximately 6,750 feet. Proved reserves are more than 17.6 billion cubic feet equivalent, according to Mariner. Analysts at both Tudor, Pickering, Holt & Co. and Pritchard Capital Partners value the deal at $1.85 per Mcfe, which TPH deemed as cheap and accretive and Pritchard considered "very attractive." Production from Bass Lite began in February 2008 from an early production system until the primary two-well development system was completed in August. Gross production from the development currently averages approximately 110 million cubic feet of gas per day. Bass Lite connects to a 56-mile subsea tieback to the Devils Tower Spar on Mississippi Canyon Block 773. Mariner exercised its preferential right on ERT's sale of its Bass Lite interests. The deal closed Dec. 19, with an effective date of Nov. 1. Mariner is operator. Other working interest owners include Deep Gulf Energy LP, a portfolio company of First Reserve Corp., Eni SpA, (NYSE: E) and EOG Resources Inc. (NYSE: EOG).