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Venari Resources Announces Increased Ownership in Deepwater Shenandoah Field and Successful Results from Latest Appraisal Well

– Venari Increases Ownership in Discovery to 17% –

– Shenandoah #5 Appraisal Well Encounters Over 1,000 Feet of High-Quality Oil Pay –

DALLAS and HOUSTON, July 27, 2016 – Venari Resources LLC (“Venari”), a deepwater oil exploration and production company in the Gulf of Mexico, announced today that it has acquired an additional seven percent working interest in the Shenandoah field on Walker Ridge Blocks 51, 52 and 53.  The company also reported successful results from the Shenandoah #5 appraisal well.

The Shenandoah #5 well was drilled on Walker Ridge Block 51 in approximately 5,900 feet of water to a total depth of 31,100 feet. The well was drilled up-dip of the Shenandoah #2 appraisal well and was designed to confirm and extend reservoir boundaries.  The well encountered over 1,000 net feet of high-quality oil pay in the Lower Tertiary Wilcox sands and extended the field further east. The next appraisal well, Shenandoah #6, is expected to spud later this year to further quantify the full resource potential of the field. Earlier this year, Venari increased its working interest in the Shenandoah Unit to 17% from 10%.

“With a high-quality reservoir and substantial net oil pay, the well results confirm Shenandoah to be a significant oil accumulation,” said Brian Reinsborough, President and Chief Executive Officer of Venari.  “We are excited that we were able to increase our ownership in the field and continue building our relationship with Anadarko across this strategically important region.”

In partnership with Anadarko Petroleum Corporation, the operator of Shenandoah, Venari owns significant working interests in several exploration prospects proximate to the Shenandoah discovery.

Venari holds a 17% working interest in Shenandoah. Other co-owners are Anadarko Petroleum Corporation (NYSE: APC), as operator (33%), ConocoPhillips Company (NYSE: COP) (30%), and Cobalt International Energy, L.P. (NYSE: CIE) (20%).

About Venari Resources

Venari Resources, a privately held offshore exploration and production company founded in 2012 by deepwater E&P expert Brian Reinsborough, is focused on the prolific oil-prone subsalt region in the Gulf of Mexico’s deep waters. Since its formation, preeminent global investment firms led by Warburg Pincus, Kelso & Company, Temasek, and The Jordan Company have committed $2.4 billion of capital to Venari’s exploration program and development projects. Venari has built a large inventory of drillable prospects and leases in the Gulf of Mexico including the Shenandoah discovery in the Walker Ridge area, the Anchor discovery in Green Canyon and the Guadalupe discovery in Keathley Canyon. The Company is headquartered in Dallas and has an additional office location in Houston. For more information, visit www.venari.com.

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