Cal Dive (NASDAQ:CDIS)
Historical Stock Chart
From Jun 2019 to Jun 2024
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/