One-Page Deal Sheet
Mariner Sells Cottonwood Gulf of Mexico Interest
Petrobras Mariner Energy, Inc.
Announced Date
March 01,2007
Effective Date
November 01,2006
Close Date
December 01,2006
Transaction Type
Property
Enterprise Value (EV)($MM)
32
Asset/Basin:
{"Gulf of Mexico"}
Transaction Details: Subscribe to see
Mariner Energy, Inc. announces that it has completed the sale, effective November 1, 2006, of its 20% working interest in the Cottonwood project (Garden Banks Block 244) to Petrobras America Inc., the operator of the project, for $31.8 million. The sale will result in a pre-tax gain to Mariner of approximately $22 million in the fourth quarter of 2006. As a result of the transaction, Mariner will not be required to fund approximately $21 million of development costs necessary to establish first production, currently estimated to occur in the first quarter of 2007. Correspondingly, Mariner's…
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