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TheStreet Open House

Talos Initiates Production In Recent Deepwater Discovery

Stock quotes in this article: APO

HOUSTON, May 6, 2013 /PRNewswire/ -- Talos Energy LLC, a privately held Houston-based oil and gas company, today announced that its wholly owned subsidiary, Energy Resource Technology GOM, LLC. ("ERT"), has initiated production from the previously announced Green Canyon 237 #5 discovery, which is located in the Phoenix Field in Green Canyon block 237 in the federal waters of the Gulf of Mexico.  Production from the well has reached a sustained gross rate of 4,200 BOPD and 6,300 MCFPD and no water, or 5,250 BOEPD. ERT operates the Phoenix Field, located in 2,000' of water, and the net production added from the discovery is approximately 2,750 BOEPD.

"Initiating production from our discovery in the Phoenix Field was an important milestone, and we are very pleased to have reached it so quickly after closing the ERT transaction," said Tim Duncan, President & CEO of Talos Energy LLC. "Announcing a discovery in mid-December, completing a subsea well and hooking-up to the Helix HP-1 ship by May safely and on budget was a tremendous effort. Our operations team on this project deserves a great deal of credit. Gross production from the Phoenix Field has increased to approximately 17,000 BOEPD, and we are excited about the additional re-development and exploitation opportunities we have identified in this asset."

Talos Energy, headquartered in Houston, is a portfolio company of funds affiliated with Apollo Global Management, LLC (NYSE: APO) and Riverstone Holdings LLC, which committed up to $600 million in equity to Talos in February of 2012.

About TalosTalos Energy LLC (Talos) is a private upstream oil and gas company focused on exploration and the acquisition/exploitation of oil and gas properties with a focus in the Gulf of Mexico and Gulf Coast.  Talos is backed by investment funds affiliated with Apollo Global Management, LLC (NYSE: APO), Riverstone Holdings LLC, and Talos management. For more information about Talos, please visit our website at www.talosenergyllc.com.

About Apollo Global Management, LLC  Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $113 billion as of December 31, 2012 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

About Riverstone Holdings LLC Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $24 billion of equity capital raised across seven investment funds and co-investments, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $21.7 billion to 98 investments in North America, Latin America, Europe, Africa and Asia. For more information, visit www.riverstonellc.com.

Contacts: For all inquiries regarding Talos Energy: Timothy S. Duncan, 713-328-3000President & CEO  tduncan@talosenergyllc.com  or John L. Harrison, 713-328-3000Executive Vice President & CFO  jharrison@talosenergyllc.com

For investor inquiries regarding Apollo: Gary M. Stein, 212-822-0467Head of Corporate Communications  gstein@apollolp.com

For media inquiries regarding Apollo: Charles Zehren, 212-843-8590Rubenstein Associates  czehren@rubenstein.com

For media inquiries regarding Riverstone: Jeffrey Taufield or James David, 212-521-4800Kekst and Company  jeffrey-taufield@kekst.com or james-david@kekst.com

SOURCE Talos Energy LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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