Leed Petroleum awarded GoM leases

Leed Petroleum has been awarded the Eugene Island 133 and Ship Shoal 197 leases in the Central Gulf of Mexico MMS Lease Sale 208.

Offshore staff

LONDON -- Leed Petroleum has been awarded the Eugene Island 133 and Ship Shoal 197 leases in the Central Gulf of Mexico MMS Lease Sale 208.

On May 6, MMS confirmed acceptance of Leed's bids of $350,567 and $575,456 for the Eugene Island 133 and Ship Shoal 197 blocks respectively. The Eugene Island block is located approximately 110 mi (177 km) southwest of New Orleans, Louisiana, in 60 ft (18 m) of water, and the Ship Shoal block is located approximately 125 mi (201 km) southwest of New Orleans in 102 ft (31 m) of water.

The leases will each be held for an initial five year primary term during which the company will have the right to explore and produce hydrocarbons. Once production is established, normal lease terms will apply.

The two blocks are adjacent to blocks subject to a Scouting Agreement with Byron Energy. Byron has elected to acquire a 25% share in each block.

05/12/2009

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