Exhibit 99.1

FOR IMMEDIATE RELEASE:

For further information, contact:
Patrick Cassidy
ir@mariner-energy.com
(713) 954-5558

Mariner Energy Reports 2009 Third Quarter Results

Houston, Texas / November 5, 2009 — Mariner Energy, Inc. (NYSE: ME) today reported third quarter 2009 financial and operating results. The company reported net income of $4.2 million for the three-month period ended September 30, 2009, with diluted earnings per share (EPS) of $0.04. For the same period in the prior year, Mariner reported net income of $64.7 million with diluted EPS of $0.73. During the three-month period ended September 30, 2009, the company incurred certain hurricane-related lease operating expenses and certain other general and administrative expenses that negatively impacted income before taxes by approximately $15.4 million. The company reported operating cash flow of approximately $403.6 million for the nine months ended September 30, 2009 (see reconciliation of this non-GAAP measure below).

Third quarter and fourth quarter to date highlights include:

	•		Exploration success in deepwater at Green Canyon 490 (Wide Berth), encountering approximately 130 feet of net pay. Mariner holds a 56.25% working interest.
	•		Exploration success on the shelf at South Marsh Island 10, encountering approximately 87 feet of net pay. Mariner holds a 100% working interest.
	•		Net production for third quarter was up slightly from second quarter 2009 to 33.3 billion cubic feet of natural gas equivalent (Bcfe).
	•		Start up of production on two deepwater fields: Green Canyon 646 (Daniel Boone) and Viosca Knoll 821, with current gross daily production rates of approximately 7,000 barrels of oil equivalent (BOE) and 1,000 BOE, respectively. Mariner holds a 40% working interest in Daniel Boone and a 30% working interest in VK 821.
	•		Acquisition of a 50% working interest in the deepwater discovery on East Breaks 597 (Balboa), with estimated gross proved and probable reserves of 7 — 8 million barrels of oil equivalent. Mariner has assumed operations and commenced development on the project. Production could begin as early as fourth quarter 2010.
	•		Completion of an eight-block deepwater acreage trade with Anadarko Petroleum Company in the Heidelberg area and a farm-in to Anadarko’s deepwater Keathley Canyon 875 (Lucius) prospect, which is currently drilling.
	•		Continued growth in the Permian Basin with success in seven wells, including three exploration wells further delineating our Deadwood field. At quarter’s end, Mariner’s net acreage position in the Permian Basin exceeded 123,000 acres.
	•		Affirmation of the company’s $800 million borrowing base under its $1 billion revolving credit facility and further reduction of debt under the facility during the third quarter from approximately $145 million to approximately $70 million.

•

Receipt of additional hurricane reimbursements, bringing the total year to date to approximately $68 million at October 31, 2009, with additional reimbursements expected prior to year end.

“During the third quarter, production increased in the deepwater and onshore, but construction delays temporarily deferred growth from the shelf. Mariner’s capital spending for 2009 should be less than half of 2008’s, but we expect to achieve a year-over-year production increase of approximately 10% to 128 — 130 Bcfe, as well as strong cash flow and excellent liquidity. We have continued to expand and diversify our opportunity set, most recently in the deepwater and onshore, including our entry into unconventional resources,” said Scott D. Josey, Mariner’s Chairman, Chief Executive Officer and President.

THIRD QUARTER 2009 RESULTS

For the three-month period ended September 30, 2009, Mariner reported net income of $4.2 million, or $0.04 per basic and diluted share. This compares with net income of $64.7 million and basic and diluted earnings per share of $0.74 and $0.73, respectively, for the same three-month period in the prior year. The lower year-over-year results are due primarily to lower commodity prices.

Net production for third quarter 2009 was 33.3 billion cubic feet of natural gas equivalent (Bcfe), up 23% compared with 27.1 Bcfe for third quarter 2008. Total natural gas net production for third quarter 2009 was 24.1 billion cubic feet (Bcf), compared with 18.4 Bcf for the same period in the prior year. Total net oil production for third quarter 2009 was 1.1 million barrels (MMBbls), compared with 1.1 MMBbls for the same period in 2008. Natural gas liquids (NGL) net production for third quarter 2009 was 0.4 MMBbls, compared with 0.4 MMBbls for third quarter 2008.

For third quarter 2009, Mariner’s average realized natural gas price was $5.39 per thousand cubic feet (Mcf) compared with $10.50 per Mcf for the same period in 2008. Mariner’s average realized oil price was $73.15 per barrel (Bbl) for third quarter 2009, compared with $92.97 per Bbl for third quarter 2008. The average realized NGL price was $36.85 per Bbl for third quarter 2009, compared with $61.05 per Bbl for the same period in 2008. Average realized prices reflect settlements during the period under Mariner’s hedging program.

OPERATIONAL UPDATE

Offshore

Mariner drilled five offshore wells in the third quarter 2009, two of which were successful:

Working

Water Depth

Well Name

Operator

Interest

(Ft)

Location

Vermillion 380 A3 ST1

Mariner

100.0

%

340

Conventional Shelf

South Timbalier 316 A6 ST1

W&T Offshore

33

%

450

Conventional Shelf

Unsuccessful wells during the third quarter included Mariner’s deepwater prospects at Arden (Garden Banks 949) and Tiger (East Breaks 494) and the deep shelf prospect at Sherwood (High Island 133).

Subsequent to the end of third quarter 2009, Mariner drilled two wells, both of which were successful:

Working

Water Depth

Well Name

Operator

Interest

(Ft)

Location

Green Canyon 490#1 (Wide Berth)

Mariner

56.25

%

3,700

Conventional Deepwater

South Marsh Island 10 #4

Mariner

100

%

70

Conventional Shelf

Onshore

In the third quarter of 2009, Mariner drilled seven wells in the Permian Basin, all of which were successful. As of September 30, 2009, four rigs were operating on Mariner’s Permian Basin properties.

CONFERENCE CALL TO DISCUSS RESULTS

A conference call has been scheduled for 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Friday, November 6, 2009, to discuss third quarter 2009 financial and operating results.

To participate in the call, please dial one of the numbers listed below at least 10 minutes prior to the scheduled start time:

Callers from the United States and Canada: +1 (800) 299-6183

Callers from International locations:            +1 (617) 801-9713.

The conference passcode for both numbers is 6725 8155.

The call also will be webcast live over the Internet and can be accessed through the Investor Information section of Mariner’s website at http://www.mariner-energy.com.

A telephonic replay of the call will be available through November 16, 2009 by dialing (888) 286-8010 or (617) 801-6888, pass code 8892 8703. An archive of the webcast will be available shortly after the call on Mariner’s website through December 31, 2009.

About Mariner Energy, Inc.
Mariner Energy, Inc. is an independent oil and gas exploration, development and production company headquartered in Houston, Texas, with principal operations in the Permian Basin and the Gulf of Mexico. For more information about Mariner, please visit its website at www.mariner-energy.com.

###

MARINER ENERGY, INC.
SELECTED OPERATIONAL RESULTS (1)
(Unaudited)

Net Production, Realized Pricing and Operating Costs

		Three Months Ended
		September 30,
		2009				2008
Net production:
Natural gas (Bcf)			24.1				18.4
Oil (MMBbls)			1.1				1.1
Natural gas liquids (MMBbls)			.4				.4
Total production (Bcfe)			33.3				27.1
Realized prices (net of hedging):
Natural gas ($/Mcf)		$	5.39			$	10.50
Oil ($/Bbl)			73.15				92.97
Natural gas liquids ($/Bbl)			36.85				61.05
Operating costs per Mcfe:
Lease operating expense		$	1.96			$	2.41
Severance and ad valorem taxes			0.13				0.18
Transportation expense			0.13				0.15
General and administrative expense			0.57				0.43
Depreciation, depletion and amortization			3.19				4.22

MARINER ENERGY, INC.
COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS OF OPERATIONS (1)
(In thousands, except per share data)
(Unaudited)

		Three Months Ended
		September 30,
		2009				2008
Revenues:
Natural gas sales		$	130,046			$	192,804
Oil sales			80,908				97,987
Natural gas liquids sales			15,736				24,541
Other revenues			656				2,558
Total revenues			227,346				317,890
Cost and Expenses:
Lease operating expense			65,325				65,267
Severance and ad valorem taxes			4,406				4,813
Transportation expense			4,468				4,065
General and administrative expense			18,922				11,554
Depreciation, depletion and amortization			106,218				114,398
Other miscellaneous expense			1,193				125
Total costs and expenses			200,532				200,222
OPERATING INCOME			26,814				117,668
Interest:
Income			56				369
Expense, net of capitalized amounts			(19,702	)			(17,507	)
Income before taxes			7,168				100,530
Provision for income taxes			(2,946	)			(35,839	)
NET INCOME ATTRIBUTABLE TO MARINER ENERGY, INC.		$	4,222			$	64,691
Earnings per share:
Net income per share attributable to Mariner Energy, Inc.—basic		$	0.04			$	0.74
Net income per share attributable to Mariner Energy, Inc.—diluted		$	0.04			$	0.73
Weighted average shares outstanding-basic			100,753				87,596
Weighted average shares outstanding-diluted			101,085				88,184

MARINER ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

		September 30,				December 31,
		2009				2008
Current Assets
Cash and cash equivalents		$	6,017			$	3,209
Receivables, net of allowances			136,424				219,920
Insurance receivables			12,414				13,123
Derivative financial instruments			4,434				121,929
Intangible assets			1,446				2,334
Prepaid expenses and other			23,264				14,438
Total current assets			183,999				374,953
Property and Equipment
Proved oil and gas properties, full-cost method			4,897,001				4,448,146
Unproved properties, not subject to amortization			214,891				201,121
Total oil and gas properties			5,111,892				4,649,267
Other property and equipment			55,229				53,115
Accumulated depreciation, depletion and amortization:
Proved oil and gas properties			(2,745,601	)			(1,767,028	)
Other property and equipment			(7,549	)			(5,477	)
Total accumulated depreciation, depletion and amortization			(2,753,150	)			(1,772,505	)
Total property and equipment, net			2,413,971				2,929,877
Insurance receivables			—				22,132
Derivative financial instruments			920				—
Other Assets, net of amortization			74,689				65,831
TOTAL ASSETS		$	2,673,579			$	3,392,793
Current Liabilities
Accounts payable		$	3,586			$	3,837
Accrued liabilities			119,965				107,815
Accrued capital costs			128,781				195,833
Deferred income tax			15,772				23,148
Abandonment liability			47,977				82,364
Accrued interest			30,353				12,567
Derivative financial instruments			9,907				—
Total current liabilities			356,341				425,564
Long-Term Liabilities
Abandonment liability			408,504				325,880
Deferred income tax			78,468				319,766
Derivative financial instruments			18,267				—
Long-term debt			954,503				1,170,000
Other long-term liabilities			29,037				31,263
Total long-term liabilities			1,488,779				1,846,909
Stockholders’ Equity
Preferred stock, $.0001 par value; 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2009 and December 31, 2008			—				—
Common stock, $.0001 par value; 180,000,000 shares authorized; 101,855,521 shares issued and outstanding at September 30, 2009; 180,000,000 shares authorized, 88,846,073 shares issued and outstanding at December 31, 2008			10				9
Additional paid-in capital			1,250,151				1,071,347
Accumulated other comprehensive income			10,198				78,181
Accumulated deficit			(431,900	)			(29,217	)
Total stockholders’ equity			828,459				1,120,320
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	2,673,579			$	3,392,793

MARINER ENERGY, INC.
SELECTED CASH FLOW INFORMATION (1)
(In Thousands)
(Unaudited)

		Nine Months Ended September 30,
		2009				2008
Operating cash flow (2)		$	403,583			$	792,369
Changes in operating assets and liabilities			134,526				69,439
Net cash provided by operating activities		$	538,109			$	861,808
Net cash used in investing activities		$	(471,121	)		$	(996,752	)
Net cash provided by financing activities		$	(64,180	)		$	127,502
Increase (Decrease) in cash and cash equivalents		$	2,808			$	(7,442	)

IMPORTANT INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
AND CERTAIN STATISTICS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements generally are accompanied by words such as “may”, “will”, “estimate”, “project”, “predict”, “believe”, “expect”, “anticipate”, “potential”, “plan”, “goal”, or other words that convey the uncertainty of future events or outcomes. Forward-looking statements provided in this press release are based on Mariner’s current belief based on currently available information as to the outcome and timing of future events and assumptions that Mariner believes are reasonable. Mariner does not undertake to update its guidance, estimates or other forward-looking statements as conditions change or as additional information becomes available. Estimated reserves are related to hydrocarbon prices. Hydrocarbon prices in effect when the reserve estimates provided above were made may vary significantly from actual future prices. Therefore, volumes of reserves actually recovered may differ significantly from such estimates. Mariner cautions that its forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and natural gas. These risks include, but are not limited to, price volatility or inflation, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as amended, and other documents filed by Mariner with the SEC. Any of these factors could cause Mariner’s actual results and plans of Mariner to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2008, as amended, and other documents filed by Mariner with the SEC.

The SEC generally has permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Mariner uses the terms “probable,” “possible” and “non-proved” reserves, reserve “potential” or “upside” or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit it from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by Mariner.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner.

Reconciliation of Non-GAAP Measure: Operating Cash Flow

Operating cash flow (OCF) is not a financial or operating measure under generally accepted accounting principles in the United States of America (GAAP). The table below reconciles OCF to related GAAP information. Mariner believes that OCF is a widely accepted financial indicator that provides additional information about its ability to meet its future requirements for debt service, capital expenditures and working capital, but OCF should not be considered in isolation or as a substitute for net income, operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with GAAP or as a measure of a company’s profitability or liquidity.

		Nine Months Ended
		September 30,
		2009				2008
		(In thousands)
		(Unaudited)
Net cash provided by operating activities		$	538,109			$	861,808
Less: Changes in operating assets and liabilities			134,526				69,439
Operating cash flow (non-GAAP)		$	403,583			$	792,369