The acquired properties include approximately 180 producing wells with current net daily production of approximately 11,000 barrels-of-oil equivalent per day. The transaction includes interests in 31 offshore blocks covering approximately 100,000 net acres.
More than 90% of the proved reserve value and current production volumes from the properties come from six operated fields. Current proved reserves exceed 13.5 million barrels-of-oil equivalent and these volumes are more than 95% developed.
Dynamic Offshore Resources has also entered into a turnkey abandonment contract with Superior Energy Services, whereby Superior Energy will provide all well abandonment and platform decommissioning services to Dynamic Offshore Resources at fixed prices once the SPN fields are depleted and ready for abandonment.
Matt McCarroll, CEO and co-founder of Dynamic Offshore Resources, said: Our purchase of the controlling interest in SPN Resources provides the platform to implement our strategy of investing heavily in the Gulf of Mexico shelf. The deal, when combined with the $500 million equity commitment from Riverstone Holdings and management, immediately establishes Dynamic Offshore Resources as a significant operator on the Gulf of Mexico shelf.
