2008-12-12-2008-12-11-2009-01-30

Transaction Type
Announce Date
Post Date
Close Date
Estimated Price
$49.0MM
Description

Acquired 17.5% nonop WI in Bass Lite Field, Gulf of Mexico, gaining 24 Bcfe net proved.

An undisclosed buyer has acquired a 17.5% nonoperating working interest in Bass Lite Field in the Gulf of Mexico from Helix Energy Solutions, Houston, (NYSE: HLX) for $49 million, an initial sale in a plan in which Helix intends to divest some or all of its oil and gas assets. Helix net proved reserves year-end 2007 in Bass Lite were 24 billion cubic feet equivalent with no production reported. The sale is subject to other co-owners exercising preferential purchase rights for a portion of the interest. The buyer is currently an owner in the field. The divestiture is the first of a strategic reorganization in which Helix intends to aggressively focus on deleveraging its balance sheet by monetizing noncore assets, including some or all of its E&P assets, to focus its direction on its deepwater construction and well-intervention services.