Leed Petroleum Wins Bid In MMS Lease Sale

Published: 18-Mar-2010

Leed Petroleum, an oil and gas exploration and production company focused on the Gulf of Mexico, has been confirmed as successful bidder in the Central Gulf of Mexico Minerals Management Services (MMS) lease sale 213.

The MMS has confirmed that Leed Petroleum was the successful bidder on Grand Isle block 96. The company bid $427,699 for the block, which is adjacent to its Grand Isle 95/100 blocks.

Final award of this lease is subject to a geological review by the MMS to confirm the adequacy of the bid value. MMS reviews have generally been completed within approximately four months of the sale, and the company expects to receive approval of its bid within this timescale.

In accordance with the company's pre-existing scouting agreement with Byron Energy, Byron will have the right to acquire up to 25% of Leed Petroleum's working interest in this block.

Howard Wilson, president and chief executive of Leed Petroleum, said: "The Grand Isle 96 block is adjacent to Leed's existing lease holdings in the Grand Isle area and compliment the company's development plans for these assets.

"Once fully awarded Leed will have an interest in 17 blocks in the Gulf of Mexico with a balanced portfolio of low risk development and exploration interests, which will in time be converted to reserves through our planned drilling programs."

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