EnVen Energy Corporation Announces Acquisition of Neptune and Provides Operational Update at Lobster Field

HOUSTON, May 24, 2021 (Newswire.com) - EnVen Energy Corporation announced today that it closed a transaction to acquire 35% ownership interest in the Neptune field from BHP Billiton Petroleum (Deepwater) Inc. ("BHP") through its affiliate, EnVen Energy Ventures, LLC ("EnVen"). EnVen will increase its ownership interest in the Neptune field from 30% to 65% and assume the role of operator after regulatory approvals.

With a strategic deepwater infrastructure portfolio and an expansive inventory of quality subsea tieback projects, EnVen is committed to the deepwater Gulf of Mexico. This acquisition aligns with EnVen's strategy to own and operate infrastructure with steady production and nearby exploration prospects. The Company possesses a material leasehold position comprised of 85 leases with 44 primary term leases and 41 leases held by production. EnVen was the second highest acquirer of acreage in the most recent federal lease sale.

"We are excited to acquire Neptune which is consistent with our proactive and disciplined strategy to acquire assets that are accretive and provide optionality around operated and non-operated subsea tieback opportunities. These opportunities, coupled with company-owned infrastructure, provide tremendous potential to bolster near-term reserves and production growth," said Steve Weyel, EnVen's Chairman and Chief Executive Officer.

Additionally, EnVen's Lobster redevelopment program has surpassed expectations in terms of wells drilled, production rates and reserve adds. Over the last 4 years EnVen has drilled 18 wells and recompleted 3 wells, with additional projects on the schedule to continue the development program into 2021. EnVen owns a 67% ownership interest in the Lobster field and is the operator, with Chevron U.S.A. Inc. as a 33% ownership interest partner. 

About EnVen

EnVen is an independent energy company engaged in development, exploitation, exploration, and acquisition of strategic infrastructure in the deepwater region of the U.S. Gulf of Mexico. As a primary operator in the U.S. Gulf of Mexico, EnVen is proud to produce in an area that contributes some of the safest and most environmentally sustainable production in the world.

Forward-looking Statements

This release contains forward-looking statements. When used in this release, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on EnVen's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, EnVen disclaims any duty to update any forward-looking statements, all of which are expressly qualified by this statement, to reflect events or circumstances after the date of this release.

Investor and Media Relations Contact:

EnVen Energy Corporation
609 Main Street, Suite 3200
Houston, Texas 77002
713-335-7335

Source: EnVen Energy Corporation