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PRESSRELEASE
www.HelixESG.com
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Helix Energy
Solutions Group, Inc. · 400
N. Sam Houston Parkway E., Suite 400 · Houston,
TX 77060-3500 ·
281-618-0400 · fax:
281-618-0505
For Immediate
Release 09-025
Contact: Tony
Tripodo
Date: November
30,
2009 Title: Chief
Financial Officer
Helix
ESG Announces Gulf of Mexico Discoveries
Helix Energy
Solutions Group, Inc. (NYSE: HLX) announced today that its wholly owned
subsidiary, Energy Resource Technology GOM (ERT), has made a Gulf of Mexico
deepwater oil and gas discovery at its Jake prospect, located in Green Canyon
Block 490. The discovery well was drilled to 13,504 feet in 3,740
feet of water and encountered 134 feet of net oil and gas pay in a single sand
interval. The well was conventionally wireline logged with multiple
fluid samples recovered for confirmation of the hydrocarbon bearing
zone. The well has been cased and temporarily abandoned for a future
subsea completion. Following the discovery, Helix’s estimate
for this prospect is 50 to 75 Bcfe gross (100%), on a proved, probable, possible
basis.
Development options
are currently underway, including a potential joint development with a recent
discovery made in the area. First production from the Jake discovery
is estimated to take place in mid 2011. ERT owns a 25% working
interest in both the discovery well and Green Canyon Block 490.
ERT has made an
additional new Gulf of Mexico shelf discovery at its 75% owned and operated
South Timbalier 145 Field. The new discovery was drilled to a depth
of 14,193 true vertical depth and logged approximately 20 feet of oil and gas
pay. The well is currently being completed and is expected to
commence production in December 2009.
Helix Energy
Solutions, headquartered in Houston, Texas, is an international offshore energy
company that provides development solutions and other key life of field services
to the open energy market as well as to our own oil and gas business
unit. That business unit is a prospect generation, exploration,
development and production company. Employing our own key services
and methodologies, we seek to lower finding and development costs, relative to
industry norms.
This press release
contains forward-looking statements that involve risks, uncertainties and
assumptions that could cause our results to differ materially from those
expressed or implied by such forward-looking statements. All
statements, other than statements of historical fact, are statements that could
be deemed "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any
projections of revenue, gross margin, expenses, earnings or losses from
operations, or other financial items; future production volumes, results of
exploration, exploitation, development, acquisition and operations expenditures,
and prospective reserve levels of property or wells; any statements of the
plans, strategies and objectives of management for future operations; any
statement concerning developments, performance or industry rankings; any
statements regarding future economic conditions or performance; any statements
of expectation or belief; and any statements of assumptions underlying any of
the foregoing. The risks, uncertainties and assumptions referred to
above include the performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and economic
developments; geologic risks and other risks described from time to time in our
reports filed with the Securities and Exchange Commission ("SEC"), including the
company's Annual Report on Form 10-K for the year ending December 31, 2008 and
any subsequent Quarterly Report on Form 10-Q. We assume no obligation
and do not intend to update these forward-looking statements.