Petsec Energy Reports Main Pass 270 Production Delayed Until December 2008

Wednesday, August 13, 2008

The operator of the sales pipeline connected to the Main Pass 270 field advises that reinstatement of production is unlikely until December 2008. It was previously stated that production was expected to be reinstated by August. The field has been shut-in because of third party pipeline issues since April 2008.

Recompletions of three wells in the Vermilion 258 field will also be delayed beyond August as previously stated, with Vermilion production now not expected to resume until November 2008.

Production for the 2008 calendar year is now expected to be approximately 13 - 14 Bcfe rather than the 15 Bcfe forecast at the commencement of the year. This compares to production of 8.1 Bcfe for the 2007 calendar year.

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