HOUSTON, March 18 /PRNewswire-FirstCall/ -- Mariner Energy, Inc. today announced that the company is the apparent high bidder on 12 of 17 blocks on which it bid at the U.S. Minerals Management Service (MMS) Central Gulf of Mexico Lease Sale 208 held on March 18, 2009 in New Orleans. Mariner submitted individual and joint bids with one or more industry partners on 12 deepwater blocks and five shelf blocks, with a total net exposure of $11.1 million. Mariner's net exposure on the 12 apparent high bids was $7.3 million.
Mariner's working interests on the blocks where it was the apparent high bidder range from 15% to 100%. The MMS will review all of the bids, and Mariner expects the leases to be awarded over the next several months.
"We're very pleased with the results of this lease sale, which efficiently expanded our prospect inventory. Our exploration portfolio exposes our shareholders to every known play type in the Gulf of Mexico -- from conventional amplitude plays on the shelf to subsalt and Lower Tertiary plays in deepwater," said Scott Josey, Chairman, Chief Executive Officer and President of Mariner Energy.
About Mariner Energy, Inc.
Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico. For more information about Mariner, visit the company's website at http://www.mariner-energy.com/.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements generally are accompanied by words such as "may", "will", "estimate", "project", "predict", "believe", "expect", "anticipate", "potential", "plan", "goal", or other words that convey the uncertainty of future events or outcomes. Forward-looking statements provided in this press release are based on Mariner's current belief based on currently available information as to the outcome and timing of future events and assumptions that Mariner believes are reasonable. Mariner does not undertake to update its guidance, estimates or other forward-looking statements as conditions change or as additional information becomes available. Mariner cautions that its forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and natural gas. These risks include, but are not limited to, price volatility or inflation, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as amended, and other documents filed by Mariner with the SEC. Any of these factors could cause Mariner's actual results and plans of Mariner to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2008, as amended, and other documents filed by Mariner with the SEC. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner.
