Offshore staff
NEW YORK & HOUSTON -- Dynamic Offshore Resources and Moreno Group Holdings have purchased a combined 75% interest in SPN Resources for $165 million.
SPN Resources was the oil and gas subsidiary of Superior Energy Services, which will retain an effective 25% interest in SPN Resources.
The acquired properties include approximately 180 producing wells with current net daily production of approximately 11,000 boe/d. The transaction includes interests in 31 offshore blocks covering approximately 100,000 net acres. More than 90% of the proved reserve value and current production volumes from the properties come from six operated fields. Current proved reserves exceed 13.5 MMboe and these volumes are more than 95% developed.
"With significant capital available to exploit these properties to their fullest, Dynamic Offshore Resources is well positioned to build on this asset base with development drilling and additional acquisitions in the future," says N. John Lancaster, MD of Riverstone Holdings. "The partnership with Superior Energy and Moreno Group brings unique expertise to this venture that will benefit all parties involved going forward."
Dynamic Offshore Resources has also entered into a turnkey abandonment contract with Superior Energy Services, whereby Superior will provide all well abandonment and platform decommissioning services to Dynamic Offshore Resources at fixed prices once the SPN fields are depleted and ready for abandonment.
03/18/2008
