Lease Sale 197
March 16, 2005

The Outer Continental Shelf Sale 197 was held in New Orleans on March 16, 2005. Sale 197 resulted in 12 bids, by 9 companies, on 12 tracts, for a total of $6,974,531. The total sum of apparent winning bids was $6,974,531, on approximately 69,120 acres.

This was the first Eastern Sale since 2003

The big players, in terms of number of tracts bid on, are:

·        Petrobas America Inc. - 4 bids

·        Anadarko Petroleum Corporation - 3 bids

·       Devon Energy Production Company, LP - 2 bids

In terms of total amount exposed, we have:

·        Petrobas America Inc. - $1.65 million

·       Helis Oil & Gas Company, LLC - $0.92 million

·       Red Willow Offshore, LLC - $0.92 million

·        Anadarko Petroleum Corporation - $0.79 million

In terms of total amount of high bids, we have:

·        Petrobas America Inc. - $1.65 million

·        Helis Oil & Gas Company, LLC - $0.92 million

·        Red Willow Offshore, LLC - $0.92 million

·       Anadarko Petroleum Corporation - $0.79 million