OPERATIONS UPDATE

At West Delta 73 (100% WI/ 83% NRI), the El Diente well was drilled to 9,272 feet measured depth (MD)/ 8,074 feet total vertical depth (TVD), including a 1,000 foot lateral into the F-35 sand, and currently is being placed on production. El Diente is the tenth consecutive successful horizontal well at West Delta 73, where net oil production has grown to more than 6,000 Bbl/d. The rig will be mobilized to the B platform to continue the horizontal program, and a second drilling rig is mobilizing to the C platform, where the first well is expected to spud by the end of March.

At Grand Isle 16/18 (100% WI/ 86% NRI), the Pi well was recompleted to the B-4 oil sand and brought online this week at 950 Bbl/d and 450 Mcf/d gross, with a flowing tubing pressure of 850 psi. The Pi well was also set up for future through-tubing recompletions to the C-2 oil zone and the C-4 gas sand.

Significant progress is being made within the company's exploration joint venture with Freeport-McMoRan Oil & Gas (FM O&G), pursuing the Inboard Lower Tertiary/Cretaceous gas trend on the Gulf of Mexico Shelf and onshore in South Louisiana (previously referred to as the ultra-deep trend).

The Lomond North well (18% WI/ 13% NRI) in the Highlander area, located primarily in St. Martin Parish, Louisiana, discovered high-quality natural gas pay in several Wilcox and Cretaceous aged sands. The operator recently reported that wireline log and core data indicate favorable reservoir characteristics with approximately 150 feet of net pay between 24,000 feet and 29,000 feet.

The Lomond North discovery well currently is in completion operations to test the lower Wilcox and Cretaceous objectives found below the salt weld. FM O&G has identified multiple exploratory prospects in the Highlander area where it controls rights to approximately 56,000 gross acres.

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