Mariner purchases further Bass Lite interest

Mariner Energy has purchased an additional 11.6% working interest in the Bass Lite natural gas field (Atwater Valley block 426) from Energy Resource Technology (ERT) for approximately $32.6 million.

Offshore staff

HOUSTON -- Mariner Energy has purchased an additional 11.6% working interest in the Bass Lite natural gas field (Atwater Valley block 426) from Energy Resource Technology (ERT) for approximately $32.6 million. The acquisition provides internally estimated proved reserves of more than 17.6 bcf equivalent to Mariner.

Mariner Energy exercised its preferential right to acquire the interest following ERT's negotiated sale of its Bass Lite asset to a third party.

Bass Lite is in 6,750 ft (2,057 m) of water. 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 MMcf/d of natural gas.

The gas is produced from Bass Lite via a 56-mi (90-km) subsea tieback to theDevils Tower spar on Mississippi Canyon block 773.

01/06/2009

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