2011-04-20-2011-04-08-2011-06-02

Bought subsidiary Maritech Resources Inc., which has interest in 21 federal offshore GOM leases, one LA leases and 6 leases in LA state waters.

Privately held Tana Exploration Co. LLC, Houston has closed its acquisition of Gulf of Mexico-focused E&P Maritech Resources Inc. from parent oilfield services company Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) for approximately $222.25 million in cash.

The purchase price includes $72 million of associated asset retirement obligations as of year-end 2010.

The assets include Maritech's interest in 21 federal offshore oil and gas leases in the Gulf of Mexico, one Louisiana offshore oil and gas lease and six leases in Louisiana state waters, which represent approximately 79% of Maritech's total proved reserves as of year-end 2010. Most development efforts are in East Cameron 328 block and Timbalier Bay in Louisiana.

Year-end reserves were 11.5 million barrels of oil equivalent (69 billion cubic feet equivalent consisting of 7.3 million barrels of oil and natural gas liquids, and 25.6 Bcf gas), of which 11% was sold in February. Average production in 2010 was 4.1 million barrels of oil and gas liquids and 19.4 million cubic feet of gas (7.3 million BOE, 43.9 MMcfe per day).

Tana is a subsidiary of TRT Holdings Inc., a diversified holding company formed by Texas billionaire Robert Rowling. Rowling's father Reese Rowling made his fortune with the sale of Tana Oil & Gas to Texaco Corp. in 1989. Tana holds almost 166,000 gross acres (136,000 net) in 37 Gulf of Mexico leases, most on the shelf with an average working interest of 79%. It also holds a 25% nonoperated interest in an onshore Texas exploration program. Tana is led by Kevin Talley, formerly of Basin Exploration Inc.