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Based on information received from representatives of third-party operators of pipelines, processing plants and other downstream facilities, Mariner expects that the majority of its production will be restored over the next several days. Most of the remaining production is expected to resume over the next several weeks as additional downstream facilities come online.
Drilling and completion operations have restarted at Garden Banks 462 (Geauxpher), Desoto Canyon 49 (Dalmatian), Eugene Island 342 and Vermilion 380. Operations are expected to restart in a few days at Garden Banks 334 (Surge) and South Timbalier 49. As reported by the contractor, the rig working at South Marsh Island 149 has not been located. Mariner expects completion and drilling operations there to resume once a replacement rig has been secured.
More significant damage was identified at a couple of Mariner platforms that were scheduled for decommissioning or produced immaterial volumes.
Mariner plans to provide updates regarding restoration of its production shut in due to Hurricane Ike on the company website (http://www.mariner-energy.com) by Monday, September 22, 2008, and periodically thereafter.
About Mariner Energy, Inc.
Mariner Energy is an independent oil and gas exploration, development, and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico. For more information about Mariner, visit the company's website at http://www.mariner-energy.com.
Important Information Concerning Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements generally are accompanied by words such as "may", "will", "estimate", "project", "predict", "believe", "expect", "anticipate", "potential", "plan", "goal" or other words that convey the uncertainty of future events or outcomes. Forward-looking statements in this press release are based on Mariner's current belief based on currently available information as to the outcome and timing of future events and assumptions that Mariner believes are reasonable. Mariner does not undertake to update its guidance, estimates or other forward-looking statements as conditions change or additional information becomes available. Mariner cautions that its forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and natural gas. These risks include, but are not limited to, price volatility or inflation, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other documents filed by Mariner with the Securities and Exchange Commission (SEC). Any of these factors could cause Mariner's actual results and plans to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2007 and other documents filed by Mariner with the SEC.
SOURCE Mariner Energy, Inc.
http://www.mariner-energy.com
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