Basin submits winning bids for five Gulf of Mexico leases

Basin Exploration announced that at the Central Gulf of Mexico Lease Sale No. 172 the company was high bidder on 5 of the 7 offshore lease blocks for which it submitted bids.
All five apparent winning bids, which aggregated $ 3.0 mm, were for a 100 % working interest. Lease awards are subject to approval of bids by the Minerals Management Service.

The five leases on which Basin submitted apparent winning bids are listed below.
East Cameron Block 271
South Pass Block 47
West Cameron Block 287
West Delta Block 98
West Delta Block 131

Michael S. Smith, Basin's chairman, president and CEO, commented: "We are extremely pleased with our results at this lease sale, where our winning bids included our top two prospects available at the sale. Subject to award of all five leases by the MMS, these blocks will expand our inventory of Gulf of Mexico prospects to approximately 45, further extending our multi-year set of high quality drilling opportunities."

Basin Exploration is engaged in the exploration, acquisition, development and exploitation of oil and gas properties in the United States, both onshore and in the Gulf of Mexico.