Leed Petroleum acquires Ship Shoal block 202 lease

Leed Petroleum has acquired the Ship Shoal block 202 lease from Mariner Energy for a gross consideration of $150,000.

Offshore staff

LONDON -- Leed Petroleum has acquired the Ship Shoal block 202 lease from Mariner Energy for a gross consideration of $150,000.

The Gulf of Mexico lease covers an area of approximately 20.23 sq km (7.8 sq mi). The lease has four years remaining on its current primary term, in which Leed intends to develop into a further producing asset.

The lease is adjacent to the Ship Shoal block 201, which Leed already owns and operates.

In accordance with an area of mutual interest agreement arising under the company's pre-existing scouting agreement, Byron Energy will have the right to acquire up to 25% of the company's working interest in the block. Byron Energy has informed Leed that it intends to participate in the transaction, with a proposed gross interest of 25%, leaving Leed with the remaining 75% interest in block 202.

04/16/2009

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