Sep 2, 2010 1:35 PM by Melissa Canone

Mariner Energy Shares Dropped Nearly 3 Percent

NEW YORK (AP) - Mariner Energy shares dropped nearly 3 percent
Thursday following news that one of it's production platforms
exploded in the Gulf of Mexico.
Mariner shares lost 69 cents, nearly 3 percent, to $22.66 in
midday trading.
The Houston independent oil and gas company is a relatively
small player compared with BP, Shell and other oil giants operating
in the Gulf. In April, Apache Corp. said it planned to buy the
company for $2.7 billion, though the deal hasn't been completed
Apache shares fell $1.64 to $90.82.
Most of Mariner's operations are in West Texas and along the
Gulf Coast. The company also owns more than 240 blocks in shallow
parts of the Gulf of Mexico.
The platform that exploded was called the Vermilion 380.
According to regulatory filings, Mariner owns 100 percent of the
platform. The filing said Vermillion 380 produced 1.1 billion cubic
feet of natural gas last year, and it's tapped into proven reserves
of 33.2 billion cubic feet of natural gas.
The platform is west of where the Deepwater Horizon exploded in
April, setting off a massive oil spill.


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