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Mariner Energy Commences Production From Its Geauxpher Field

May 27, 2009

HOUSTON, May 27 /PRNewswire-FirstCall/ — Mariner Energy, Inc. (NYSE: ME) announced today the startup of production from Geauxpher, a deepwater development in the Gulf of Mexico on Garden Banks Block 462.

Geauxpher lies in water depths of approximately 2,700 feet more than 150 miles from the Louisiana coast. The development includes two wells with current gross production of approximately 115 million cubic feet of natural gas equivalent per day (MMcfe/d). The wells are connected via a 40-mile subsea tieback to a third-party operated platform on Garden Banks Block 72. Production from the wells to pressurize the flowline to the platform commenced April 15, 2009, and sales commenced May 15. Mariner holds a 60% working interest and operates the Geauxpher field. Apache Corporation holds the remaining 40% working interest.

With the startup of the Geauxpher field, approximately half of Mariner’s current daily production of 390-400 MMcfe/d comes from oil and gas fields located in deepwater. In another joint venture with Apache, Mariner is currently drilling an exploration well on the Arden prospect on Garden Banks Block 949. Mariner operates the well, which is expected to reach its targeted depth over the next two to three months, and holds a 50% working interest.

“We are realizing production from Geauxpher less than a year after its discovery, which is exceptional for a deepwater project of this magnitude and a tribute to the expertise of our deepwater team. Even more impressive, first production could have occurred as early as last fall but for disruptions caused by Hurricane Ike,” said Scott Josey, Chairman, Chief Executive Officer, and President of Mariner Energy. “The Geauxpher project has been an excellent collaboration with Apache, and we are pleased to be partnering with them again on our Arden prospect.”

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 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.

SOURCE Mariner Energy, Inc.


Source: newswire



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