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

DALLAS and HOUSTON, March 21, 2013 /PRNewswire/ -- Venari Resources LLC ("Venari" or the "Company"), a deepwater oil exploration and production company in the Gulf of Mexico, today announced it was the high bidder on 15 deep water blocks in the Central Gulf of Mexico offshore lease sale held yesterday by the Bureau of Ocean Energy Management (BOEM) in New Orleans.

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The Company was successful on 15 of 18 total bids for a total expenditure of approximately $86.8 million net to Venari. This includes winning the most competitively bid block in the lease sale at $45.5 million (100% bid) on Walker Ridge Block 187, topping the next closest bid of $43.6 million and four other companies.

"We are excited about winning these blocks and expanding our presence in the Gulf of Mexico," said Brian Reinsborough, Chief Executive Officer and President of Venari Resources. "The lease sale results build on our recent discoveries at Shenandoah and Coronado, and further establishes Venari's deep and robust portfolio."

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. In May 2012, pre-eminent global investment firms Warburg Pincus, Kelso & Company, Temasek and The Jordan Company provided an initial $1.125 billion capital commitment so Venari can pursue its aggressive exploration program and development projects in the Gulf of Mexico. Since formation, Venari has built a large inventory of drillable prospects and leases in the Gulf of Mexico, including the Coronado discovery and potentially giant Shenandoah discovery in the Walker Ridge area. The Company is headquartered in Dallas and has an additional office location in Houston. For more information, visit www.venariresources.com.

Media Contact:
Venari Resources LLC
Adam Rubin
972-850-5324
[email protected]

SOURCE Venari Resources LLC