Cal Dive Acquires Mature Property Package
June 13 2005 - 6:00PM
PR Newswire (US)
Cal Dive Acquires Mature Property Package HOUSTON, June 13
/PRNewswire-FirstCall/ -- Energy Resource Technology, Inc. (ERT) a
wholly owned subsidiary of Cal Dive International, Inc.
(NASDAQ:CDIS), announced today that it has acquired a mature
property package on the Gulf of Mexico shelf from Murphy
Exploration & Production Company - USA (Murphy), a wholly owned
subsidiary of Murphy Oil Corporation (NYSE:MUR). The acquisition
cost to ERT including both cash and assumed abandonment liability
was approximately $200 million. The acquisition represents
essentially all of Murphy's Gulf of Mexico Shelf properties
consisting of eight operated and eleven non-operated fields with
most of the value in the operated fields. Current net production
from the properties is approximately 20 MMCFD equivalent. ERT
expects to significantly improve production rates through capital
investments to exploit proved undeveloped and behind pipe reserves,
the majority of which will be spent over the next two years. ERT
estimates proved reserves of the acquisition to be approximately 75
BCF equivalent. The package has synergies with existing ERT
properties allowing ERT the opportunity to combine many of the
operations thereby reducing future operating expenses. Cal Dive
CEO, Owen Kratz stated, "We have been patient in our approach to
mature property acquisitions and feel that the Murphy properties
fit well with our ERT mature property strategy." 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 contains 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 the 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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