Alamo-Palace MP 59 LLC

Alamo-Palace MP 59 LLC has retained Scotia Waterous (USA) Inc. to sell its interest in the Main Pass 59 block in the eastern Gulf of Mexico continental shelf. The package includes a 60% working interest in two leases with 17 producing wells from two separate platforms in water depths of 60 to 70 feet. MP 59 block, producing primarily oil, is on the southeast flank of MP 41 Field that produces oil and gas from multiple stacked reservoirs. Net production is approximately 1,660 barrels of oil equivalent per day. Chevron is operator with 30% and Ridgelake holds 10%. Alamo maintains a nonoperated, controlling interest in two leases in the MP 59 Block, OCSG-3194 and OSCG- 8461. Because of prior nonconsent elections, Alamo's working interest averages 65% (54% average net revenue interest). The asset contains 17 producing wells and two platforms, the MP 59-A and MP 59-AA. Current cash flow is $4 million per month. The bid due date is June 24. Contact Adrian Goodisman, 713-437-5050.