Tetra Technologies Inc.

Transaction Type
Sellers
Basin
Gulf of Mexico
Post Date
Estimated Price
0MM
Description

Tetra Technologies Inc., The Woodlands, Texas, (NYSE: TTI) plans to seek strategic alternatives for its Gulf of Mexico-focused E&P subsidiary Maritech Resources Inc.

Maritech's holdings include various interests in 167 gross oil and gas wells (94.5 net) on 322,621 gross acres (182,076 net) of federal and state leases onshore and offshore Louisiana and Texas. Proved reserves as of Dec. 31 were 7.3 million barrels of oil and gas liquids and 25.6 billion cubic feet of gas.

Maritech recently sold certain oil and gas properties that collectively accounted for approximately 11% of Maritech's Dec, 31 proved reserves.

Tetra president and chief executive Stuart M. Brightman says, "This decision is a logical extension of our previously stated strategy of selling noncore Maritech properties, particularly given improvements in commodity prices. In addition, it is consistent with our focus on allocating growth capital to expand our service offerings."