2010-04-13-2010-04-13-2010-04-13

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
MM
Description

Bought 54,000 acres in Denver-Julesburg Basin in Laramie Co., WY, prospective for Niobrara shale.

Expanding its onshore footprint further, Mariner Energy Inc., Houston, (NYSE: ME) has acquired a 100% working interest in approximately 54,000 net acres in the Denver-Julesburg Basin from an undisclosed seller for an undisclosed price.

The acreage includes fee, state and federal leases in southern Wyoming in Laramie County. Mariner believes the acreage is on trend with and contains shales with petrophysical properties similar to the commercial Niobrara shale discoveries of the Jake 2-01H well and Silo Field.

Scott Josey, Mariner chairman, chief executive and president, says, "This acquisition is consistent with our stated strategy of obtaining sizeable low-entry-cost oily shale plays where we can operate. The acreage is close to existing infrastructure, facilitating development if our exploration efforts are successful."

Analysts with Tudor, Pickering, Holt & Co. Securities Inc. estimate the price paid per acre at $250 to $500 "as a going rate." The acquisition is in addition to 35,000 net acres Mariner already holds in the Powder River Basin.