Leed Resources Regulatory News (LDP)

13 Mar 2008 07:01

Leed Petroleum PLC13 March 2008 LEED PETROLEUM PLC "Leed" or "the Company" Leed completes the acquisition of further interests in Main Pass field Leed Petroleum PLC, the oil and gas exploration and production company focusedon the Gulf of Mexico, today announces that the Company's operating subsidiary,Leed Petroleum LLC, has completed the acquisition announced on 30 January 2008with Challenger Minerals Inc. ("Challenger"), purchasing a portion ofChallenger's interests in the Main Pass 57, 64 and 65 blocks located on theouter continental shelf of the Gulf of Mexico. To satisfy a pre-existing obligation, the Company offered to a third party theopportunity to acquire 75% of Challenger's interest that Leed proposed toacquire under the sale and purchase agreement, and this third party has electedto participate. Accordingly, the Company has acquired 25% of Challenger'sinterests in these Main Pass assets effective as of 1 August 2007 in exchangefor assuming 25% of Challenger's portion of the asset retirement obligationsrelating to these blocks. The Challenger interests acquired by Leed are: ASSET OPERATOR INTEREST1 STATUS LEASE EXPIRY LEASE AREA COMMENTS DATE (km2)(All are U.S.) WI / NRI (%) Main Pass Medco Energi US Production, Held by 28.43 Currently Development and production* producing oilBlock 64 3.125 / Exploration and gas from 15 2.3854175 active wellsBlock 65 5 / 4.066665Main Pass Palace Operating 2.34375 / Production, Held by 10.11 Currently Company 1.84515475 Development production* producing from 1Block 57 active well 1 Interest - Working interests (WI) are shown and are subject to various royaltypayments. Net revenue interests (NRI) include any and all royalty payments.Working and/or revenue interests may vary within a given licence area accordingto area and or depth.* Lease expires 180 days after cessation of production. Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented: "We are pleased to have completed this acquisition, which incrementally adds toour existing revenue and production base in the Main Pass field. Thisacquisition will make a positive impact on our operating results and offers Leedthe opportunity to increase its interest in significant exploration potentialexisting within the field." 13 March 2008 For further information: Leed Petroleum PLCHoward Wilson, President and Chief Executive +1 337 314 0700James Slatten, Chief Operating Officer +1 337 314 0700 Matrix Corporate Capital LLPAlastair Stratton +44 20 7925 3234Tim Graham +44 20 7925 7852 Pelham Public RelationsAlisdair Haythornthwaite +44 20 7743 6676Evgeniy Chuikov +44 20 3008 5506 NOTES TO EDITORS Operations Leed Petroleum PLC is an AIM quoted independent oil and gas exploration andproduction company. The Company's operations are concentrated in the Gulf ofMexico region where Leed has established a significant portfolio of producingand development assets. The Company has interests in 15 offshore fields and 1onshore field in the region.Leed's strategy is to grow the Company's portfolio through organic developmentof its existing assets and to utilise its regional expertise to identify andpurchase value adding assets. This information is provided by RNS The company news service from the London Stock Exchange