Arena Energy wins 7 leases in Gulf of Mexico oil and gas lease sale 259
Investors - SEPTEMBER 19, 2023

Arena Energy wins 7 leases in Gulf of Mexico oil and gas lease sale 259

by Kali Persall

Arena Energy, an independent oil and gas exploration company focused on the Gulf of Mexico Shelf, was recently awarded seven leases by the Bureau of Ocean Energy Management (BOEM) in Lease Sale 259.

According to BOEM, 32 companies participated in the sale, and a total of $263.8 million in high bids were offered on 313 tracts. After extensive geological, geophysical, engineering and economic analyses, BOEM has awarded a total of 299 leases on tracts covering approximately 1,599,448 acres. The accepted high bids are valued at more than $250 million.

Arena was the high bidder on seven leases in Lease Sale 259. These leases, totaling 34,965 acres, range in water depth from 62 to 217 feet in the Gulf of Mexico off the coasts of Texas and Louisiana in the Eugene Island, Main Pass and Matagorda Island areas.

“Arena Energy continues to grow and lead the offshore oil and natural gas industry on the Gulf of Mexico Shelf,” said Mike Minarovic, CEO of Arena Energy. “We look forward to investing in and developing these leases and again applaud chairman Joe Manchin for requiring that BOEM conduct Lease Sale 259 in the Inflation Reduction Act. Lease sales are the lifeblood of continued production in the U.S. Gulf of Mexico, where we produce the cleanest barrels in the world.”

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