Petsec Energy Limited is involved in oil and gas exploration, development and production activities within the Gulf of Mexico and Gulf Coast, United States and Beibu Gulf, China. During the year ended December 31, 2007, the net production of the Company was 7,918 million cubic feet (MMcf) of gas and 24,748 barrels of oil or 8,066 millions of cubic feet equivalent (MMcfe). On November 8, 2007, Petsec Energy acquired interests in seven offshore and onshore Louisiana producing gas fields. In May 2007, Petsec Energy acquired the Mobile Bay 953 lease with two producing wells and the Mobile Bay 955 lease with one producing well together with the Mobile Bay 952A platform and estimated net reserves of 1.5 billions of cubic feet equivalent (Bcfe) Gulf of Mexico, USA.(Source: ARS)
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