Helix Announces Deepwater Gulf of Mexico Discovery

  Helix Announces Deepwater Gulf of Mexico Discovery

Business Wire

HOUSTON -- December 18, 2012

Helix Energy Solutions Group (NYSE: HLX) today announced an oil discovery at
the Wang exploration well in the Phoenix Field located in Green Canyon Block
237, approximately 93 miles off the Louisiana coast. The Wang exploration well
encountered more than 100 feet of high quality net oil pay.

Johnny Edwards, President of Energy Resource Technology GOM (ERT), a wholly
owned subsidiary of Helix, stated, “Preliminary data from down-hole test tools
confirmed oil in the Wang well with over 11,800 psi of bottom-hole pressure.
We are moving ahead to complete the well.”

The Wang exploration well was drilled to a total depth of approximately 18,300
feet, in water depths of approximately 2,300 feet. The well is currently being
completed and will be developed via a subsea tie back system to our
Helix-owned Helix Producer I floating production unit. First production from
Wang is expected early second quarter of 2013.

The Company recently disclosed in a previous press release that it has entered
a definitive agreement to sell ERT to Talos Production LLC, a wholly owned
subsidiary of Talos Energy LLC, for a base purchase price of $610 million plus
contingent consideration. The ultimate success of the Wang exploration well is
the primary component of the transaction’s contingent consideration.

ERT (Operator) holds a 70% working interest in the exploration well jointly
with Sojitz Energy Venture, Inc., who owns the other 30% working interest.

About Helix

Helix Energy Solutions Group, headquartered in Houston, Texas, is an
international offshore energy company that provides key life of field services
to the energy market as well as to its own oil and gas business unit. For more
information about Helix, please visit our website at www.HelixESG.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks,
uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking statements.
Among the factors that could cause actual results to differ materially are
changes in prices of, demand for and supply of crude oil and natural gas;
actions of competitors; the inability or failure of the company's
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production from
existing and future crude oil and natural gas development projects; potential
delays in the development, construction or start-up of planned projects; the
potential disruption or interruption of production and development activities
due to war, accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes in
fiscal terms or restrictions on scope of company operations; general economic
and political conditions; and other risks described from time to time in our
reports filed with the Securities and Exchange Commission ("SEC"), including
the Company's most recently filed Annual Report on Form 10-K and in the
Company’s other filings with the SEC, which are available free of charge on
the SEC’s website at www.sec.gov. We assume no obligation and do not intend to
update these forward-looking statements except as required by the securities
laws.

Contact:

Helix Energy Solutions Group
Terrence Jamerson, 281-618-0400
Director, Finance & Investor Relations
 
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