Energy Resource Technology to sell GoM interests

Energy Resource Technology GOM has agreed to sell a 30% working interest in its Danny and Noonan discoveries (Garden Banks blocks 463, 506, and 507) and other outer continental shelf oil and gas properties (East Cameron blocks 371 and 381), to a private independent oil and gas company for $165 million, and additional cash payments of up to $20 million based upon certain field production milestones.

Offshore staff

HOUSTON -- Energy Resource Technology GOM has agreed to sell a 30% working interest in its Danny and Noonan discoveries (Garden Banks blocks 463, 506, and 507) and other outer continental shelf oil and gas properties (East Cameron blocks 371 and 381), to a private independent oil and gas company for $165 million, and additional cash payments of up to $20 million based upon certain field production milestones.

The new partner will also pay their 30% share of all future capital expenditures related to the exploration and development of these fields.

04/03/2008

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