News

Venari Resources Announces Major Oil Discovery

– Anchor Discovery Encounters Significant Pay in Multiple Sands –

– Second Major Discovery in 2014 –

DALLAS and HOUSTON, January 6, 2015 — Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, today announced a very large oil discovery at its Anchor prospect located in Green Canyon Block 807.

The Anchor-2 Well, which spud in August 2014 and drilled in 5,183 feet of water to a total depth of 33,749 feet, encountered significant high quality oil pay in multiple Lower Tertiary Wilcox Sands. The discovery is located approximately 140 miles off the Louisiana Coast. Venari holds a 12.5% working interest in Anchor. Other co-owners are Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX) as operator (55%), Cobalt International Energy, L.P. (20%) (NYSE: CIE) and Samson Offshore Anchor, LLC (12.5%). Appraisal drilling will commence in 2015.

“Anchor is an exceptional discovery in the Lower Tertiary play demonstrating the vast potential of this region of the Gulf,” said Brian Reinsborough, Chief Executive Officer and President of Venari Resources. “I am very proud of what our team has accomplished in the short two and a half years since our formation. We continue to be excited by the prospects in the deepwater Gulf of Mexico as we build our business into an industry leader.”

Venari’s strategy of non-operated exploration in the deepwater Gulf of Mexico has enabled it to form partnerships with some of the most successful explorers in this resource-rich region, including Chevron Corporation (NYSE: CVX), ConocoPhillips (NYSE: COP) and Anadarko Petroleum Corporation (NYSE: APC).

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 potentially giant Shenandoah discovery in the Walker Ridge area and the recently announced Guadalupe discovery. The Company is headquartered in Dallas and has an additional office location in Houston.

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