Venari Resources Announces Second Major Oil Discovery in the Deepwater Gulf of Mexico

Mon Mar 25, 2013 11:15am EDT

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- Coronado Discovery Encounters More Than 400 Net Feet of Oil Pay -
DALLAS and  HOUSTON,  March 25, 2013  /PRNewswire/ -- Venari Resources LLC, a
deepwater oil exploration and production company in the  Gulf of Mexico, today
announced a major discovery at its  Coronado  prospect.

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The  Coronado  discovery, which spud on  June 1, 2012, encountered more than 400
feet of net oil pay.  The  Coronado  well, which was drilled to a total depth of
31,866 feet in 6,127 feet of water, is approximately six miles from Venari's
Shenandoah discovery, which was previously announced on  March 19, 2013. Venari
holds a 10% working interest in  Coronado. Venari and its co-owners, including
Chevron Corporation (NYSE: CVX), as operator (40%), ConocoPhillips (NYSE: COP)
(35%) and Anadarko Petroleum Corporation (NYSE: APC) (15%) are evaluating the
well results to determine the full extent of the recoverable resource.

"Between the  Coronado  discovery, the potentially giant Shenandoah discovery,
and our recent high bids on remaining open blocks in the Shenandoah/Coronado 
mini-basin, Venari is firmly positioned for significant growth in a future
production hub in the Gulf," said  Brian Reinsborough, President and Chief
Executive Officer of Venari Resources.  He added, "Venari's partnership with
industry-leading companies in the  Coronado  and Shenandoah discoveries supports
our mission of becoming the partner of choice in the deepwater."  

About Venari Resources
Venari Resources, a privately held offshore exploration and production company
founded in 2012 by deepwater E&P expert  Brian Reinsborough, is focused on the
prolific oil-prone subsalt region in the  Gulf of Mexico's deep waters. In  May
2012, pre-eminent global investment firms Warburg Pincus, Kelso & Company,
Temasek and The Jordan Company provided an initial  $1.125 billion  capital
commitment so Venari can pursue its aggressive exploration program and
development projects in the  Gulf of Mexico. Since formation, Venari has built a
large inventory of drillable prospects and leases in the  Gulf of Mexico,
including the  Coronado  discovery and potentially giant Shenandoah discovery in
the Walker Ridge area. The Company is headquartered in  Dallas  and has an
additional office location in  Houston. For more information, visit

Media Contact:
Venari Resources LLC
Adam Rubin

SOURCE  Venari Resources LLC

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