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Arena Energy Acquires Gulf of Mexico Shelf Properties from Cox Operating, LLC
News provided byArena Energy, Llc
Jan 24, 2023, 2:22 PM ET
THE WOODLANDS, Texas, Jan. 24, 2023 /PRNewswire/ -- Arena Energy, LLC ("Arena"), a leading independent oil and gas exploration company focused on the Gulf of Mexico Shelf, today announced it has closed on the acquisition of Cox Operating, LLC's interest in two fields located in the shallow waters of the Gulf of Mexico.
The acquisition consolidates Arena's ownership interest in Eugene Island 330 and South Marsh 128, both of which were recently acquired from GOM Shelf, LLC. The acquired interests account for approximately 1,000 net daily barrels of oil equivalent.
"This is yet another important milestone in Arena's strategy to maximize the opportunities in the shallow waters of the Gulf of Mexico," said Arena Co-Founder and CEO Mike Minarovic. "This transaction builds on our recent acquisitions from GOM Shelf, LLC. We are confident that the Arena team will unlock significant value as we leverage proprietary seismic data to better understand these reservoirs to identify future drill wells, and ultimately increase production"
"This transaction—coupled with the recent acquisitions from GOM Shelf, LLC, as well as the leases awarded pursuant to Lease Sale 257—provides many years of additional inventory to allow Arena to continue producing some of the cleanest barrels for the U.S. and the world," Minarovic continued.
About Arena Energy
Arena Energy, LLC was founded in 1999 on the belief that mature producing areas of the Gulf of Mexico Shelf still held vast potential—and that with the right technology, talented oil and gas finders could unlock these drilling opportunities. Today, that vision has been realized many times over. Since its founding, Arena has grown into one of the largest private offshore oil and natural gas companies, having invested more than $4 billion of capital in the Gulf of Mexico, paid $1.4 billion in royalties to the federal government, and have decommissioned over 300 wells and 45 platforms and other structures. Arena takes pride in safely and responsibly producing the energy that powers the United States and the world.
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SOURCE Arena Energy, LLC