Venari Resources Expands Gulf of Mexico Portfolio With Successful Lease Sale Bids

DALLAS and HOUSTON, March 19, 2015 — Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, today announced it was the high bidder on 12 deepwater blocks in the Central Gulf of Mexico offshore lease sale held yesterday by the Bureau of Ocean Energy Management (BOEM) in New Orleans.

The Company was successful on 12 of 13 total bids, bidding with subsidiaries of Chevron Corporation (NYSE: CVX) and separately with subsidiaries of Anadarko Petroleum Corporation (NYSE: APC). This includes high bids on nine blocks in Green Canyon in close proximity of our Anchor discovery announced in January 2015. Venari will have a 25% working interest in the Green Canyon blocks with Chevron (operator) having a 75% working interest.

Venari also was the high bidder on Walker Ridge blocks 98, 99 and 143 that contain the Coronado discovery previously announced in March 2013. Venari’s working interest in Coronado will be 40%. Anadarko will continue to be the operator with a 60% working interest.

“We are excited about winning these blocks and expanding our lease position near our recent Anchor discovery and our Shenandoah discovery,” said Brian Reinsborough, President and Chief Executive Officer of Venari. “The lease sale results continue to build on Venari’s deep and robust portfolio and further align Venari’s relationships with the top operators in the Gulf of Mexico.”


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 Guadalupe discovery in Keathley Canyon and the Anchor discovery in Green Canyon. The Company is headquartered in Dallas and has an additional office location in Houston.


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