Energy Resource Technology Acquires 40% Interest in the Tiger Discovery
31 Ottobre 2005 - 3:00PM
PR Newswire (US)
HOUSTON, Oct. 31 /PRNewswire-FirstCall/ -- Energy Resource
Technology, Inc. (ERT), a wholly owned subsidiary of Cal Dive
International, Inc. (NASDAQ:CDIS) has acquired a 40% working
interest in the Tiger discovery (GC 195/196) in 1900' water depth
through an exchange with Deep Gulf Energy LP (DGE). ERT traded a
15% working interest in the Bass Lite discovery (AT
380/381/382/425/426) in 7500' water depth for the 40% interest in
Tiger. In the transaction, each party reimbursed the other for sunk
costs, resulting in an approximate $1 million payment to DGE. No
gain or loss was recorded by Cal Dive in the exchange. The Tiger
discovery contains Proved Undeveloped (PUD) gas reserves in a
Pliocene age sand discovered in 2003 by the GC 195 #1 well. The
Tiger field will be produced by a subsea tieback to the EW 947
platform. Cal Dive has contracted to DGE to perform the 20 mile
tieback installation. Expected start of production is mid 2006 at a
gross rate of 40 MMCFD. Johnny Edwards, President of ERT stated,
"Production from the Tiger field will be the first from the
portfolio of deepwater development projects acquired in the last
year. This portfolio also includes Tulane, Devil's Island, Bass
Lite and Telemark. The benefits of the trade are the
diversification of risk, the generation of additional Marine
Contracting work and early production, which will reduce capital
expenditure and provide cash flow in 2006." Cal Dive International,
Inc., headquartered in Houston, Texas, is an energy service company
which provides alternate solutions to the oil and gas industry
worldwide for marginal field development, alternative development
plans, field life extension and abandonment, with service lines
including marine diving services, robotics, well operations,
facilities ownership and oil and gas production. This press release
and attached presentation contain forward-looking statements that
involve risks, uncertainties and assumptions that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any
statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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