Arena Energy acquires properties in Gulf of Mexico from GOM Shelf

(WO) — Arena Energy, LLC, a leading independent oil and gas exploration company focused on the Gulf of Mexico Shelf, announced it has closed on the acquisition of seven blocks and twelve platforms in the Gulf of Mexico from GOM Shelf, LLC on Dec. 12.

"This transaction is an important milestone for Arena," said Arena Co-Founder and CEO Mike Minarovic. "We are 'all in' on the future of the shallow water Gulf of Mexico, and this acquisition—coupled with the leases recently acquired in Lease Sale 257—is a natural extension of our strategy to be the premier operator on the Gulf of Mexico Shelf."

The acquisition includes net daily production of approximately 2,000 barrels of oil equivalent in fields with historically low decline rates. It also includes a majority interest in two of the largest fields in the shallow water Gulf of Mexico Eugene Island 330 and South Marsh 128.

The acquired properties have significant operating synergies with existing Arena assets. They have the optionality to restore and increase production and include four platforms on lease blocks that Arena was recently awarded in Lease Sale 257.