Walter Oil & Gas Announces Successful Installation of Platform in Coelacanth Field

Dec 01, 2015, 10:00 ET from Walter Oil & Gas

HOUSTON, Dec. 1, 2015 /PRNewswire/ -- Walter Oil & Gas Corporation is pleased to announce the installation of the recently completed Coelacanth Field platform at Ewing Bank Block 834 (EW 834) in the Gulf of Mexico.

The 1,312 foot tall, conventional 4-leg, 9-slot platform is the third largest fixed conventional platform in the Gulf of Mexico and was built in Gulf Marine Fabricators' yard in Ingleside, Texas. It required over 2 million man hours to complete. After a 2 ½-day process of loading the platform's 60,000,000 pound jacket onto the launch barge, sail-away took place on October 15, 2015.

Coelacanth Field is in approximately 1,200 feet of water and spreads across four Gulf of Mexico OCS Blocks: EW 834, EW 835, EW 790, and Mississippi Canyon 793, approximately 125 miles south of New Orleans. The field will produce from two geo-pressured reservoirs below 20,000 feet on the north side of a salt structure.

Coelacanth Platform is designed to produce 30,000 barrels of oil per day and 60 million cubic feet of gas per day, and is expected to serve as host for future discoveries in the area.

Partners in the project include Walter Oil & Gas Corporation (50.5% WI), Ridgewood Energy Corporation, as manager for its Funds and for ILX Holdings, LLC (a Riverstone Holdings LLC company) (32.5%WI), Gordy Oil Company (16%WI) and Houston Energy Deepwater Ventures, LLC (1%WI).

For additional information, please contact Amy Brown at (832) 667-5137.

About Walter Oil & Gas

Walter Oil & Gas Corporation is a privately-held exploration and production company that is active in the offshore Gulf of Mexico, Texas and Louisiana. The company was founded in 1981 and is based in Houston, Texas.

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