Dynamic Offshore Resources Completes Acquisition of SPN Resources

New York & Houston - Dynamic Offshore Resources LLC, a Houston-based oil and gas company created to acquire and develop producing properties in the Gulf of Mexico, and its affiliate, Moreno Group Holdings, LLC, have together closed the previously announced transaction to purchase a combined 75 percent interest in SPN Resources LLC for $165 million. SPN Resources was the oil and gas subsidiary of Superior Energy Services, Inc. (NYSE: SPN), which will retain an effective 25% interest in SPN Resources.

The transaction is the initial significant asset acquisition by Dynamic Offshore Resources, which earlier this year announced a $500 million capital commitment from energy private equity firm Riverstone Holdings LLC and management. The acquired properties include approximately 180 producing wells with current net daily production of approximately 11,000 barrels-of-oil equivalent per day. The transaction includes interests in 31 offshore blocks covering approximately 100,000 net acres. More than 90 percent of the proved reserve value and current production volumes from the properties come from six operated fields. Current proved reserves exceed 13.5 million barrels-of-oil equivalent and these volumes are more than 95 percent developed.

"Our purchase of the controlling interest in SPN Resources provides the platform to implement our strategy of investing heavily in the Gulf of Mexico shelf." said Matt McCarroll, chief executive and co-founder of Dynamic Offshore Resources. "The deal, when combined with the $500 million equity commitment from Riverstone Holdings and management, immediately establishes Dynamic Offshore Resources as a significant operator on the Gulf of Mexico shelf."

N. John Lancaster, managing director of Riverstone Holdings, said, "With significant capital available to exploit these properties to their fullest, Dynamic Offshore Resources is well positioned to build on this asset base with development drilling and additional acquisitions in the future. The partnership with Superior Energy and Moreno Group brings unique expertise to this venture that will benefit all parties involved going forward."

Dynamic Offshore Resources has also entered into a turnkey abandonment contract with Superior Energy Services, whereby Superior Energy will provide all well abandonment and platform decommissioning services to Dynamic Offshore Resources at fixed prices once the SPN fields are depleted and ready for abandonment.

“We are excited to have the SPN Resources team join Dynamic Offshore Resources." said McCarroll. "SPN Resources has a quality team of professionals who will bring us valuable legacy knowledge of the SPN properties and will be the core of our staff as we continue to grow."

"Unlike most acquisitions of this size, there will not be any transition period and we will immediately begin our efforts to exploit the properties and seek other acquisitions," McCarroll said.

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About Dynamic Offshore Resources
Dynamic Offshore Resources was formed in January 2008 by Matt McCarroll, Mike Moreno and Riverstone Holdings. McCarroll previously served as the president of Maritech Resources, Inc., an exploitation and production company focused on the Gulf of Mexico, and a subsidiary of Tetra Technologies Inc. (NYSE: TTI). Moreno also serves as founder, chairman and chief executive of Lafayette, La.-based oilfield services company Moreno Group, LLC.

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