This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Venari Resources Expands Gulf Of Mexico Portfolio With Successful Lease Sale Bids

DALLAS and HOUSTON, March 21, 2013 /PRNewswire/ -- Venari Resources LLC ("Venari" or the "Company"), a deepwater oil exploration and production company in the Gulf of Mexico, today announced it was the high bidder on 15 deep water blocks in the Central Gulf of Mexico offshore lease sale held yesterday by the Bureau of Ocean Energy Management (BOEM) in New Orleans.

(Logo: http://photos.prnewswire.com/prnh/20130319/NY80025LOGO)

The Company was successful on 15 of 18 total bids for a total expenditure of approximately $86.8 million net to Venari. This includes winning the most competitively bid block in the lease sale at $45.5 million (100% bid) on Walker Ridge Block 187, topping the next closest bid of $43.6 million and four other companies.

"We are excited about winning these blocks and expanding our presence in the Gulf of Mexico," said Brian Reinsborough, Chief Executive Officer and President of Venari Resources. "The lease sale results build on our recent discoveries at Shenandoah and Coronado, and further establishes Venari's deep and robust portfolio."



About Venari Resources Venari Resources, a privately held offshore exploration and production company founded in 2012 by deepwater E&P expert Brian Reinsborough, is focused on the prolific oil-prone subsalt region in the Gulf of Mexico's deep waters. In May 2012, pre-eminent global investment firms Warburg Pincus, Kelso & Company, Temasek and The Jordan Company provided an initial $1.125 billion capital commitment so Venari can pursue its aggressive exploration program and development projects in the Gulf of Mexico. Since formation, Venari has built a large inventory of drillable prospects and leases in the Gulf of Mexico, including the Coronado discovery and potentially giant Shenandoah discovery in the Walker Ridge area. The Company is headquartered in Dallas and has an additional office location in Houston. For more information, visit www.venariresources.com.



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs