Leed Petroleum PLC - Successful Admission to the AIM Market of the London Stock Exchange

    LONDON, Sept. 6 /CNW/ - Leed Petroleum PLC, an oil and gas exploration
and production company focused on the Gulf of Mexico, with headquarters in
Lafayette, USA recently commenced trading on the AIM Market of the London
Stock Exchange. At admission the Company successfully raised gross proceeds of
US$97million through a placing, predominantly with institutional investors, at
47p per share. At the placing price the market capitalisation of Leed was
US$232million. Matrix Corporate Capital LLP is the Company's Financial Adviser
and Broker.
    Howard Wilson, President and Chief Executive of Leed Petroleum PLC,
    "Admission to trading on AIM marks an important new stage in our
development. The Company has a balanced and impressive portfolio in a region
with strong economics, infrastructure and proven oil and gas production. With
the proceeds we are now positioned to accelerate our plans and deliver on our
ambitions of creating shareholder value.
    Our current daily production is expected to rapidly increase as we
commence our development programme and we see further growth through a number
of opportunities aligned with our three-tiered acquisition strategy in Leed's
core region of expertise."

    Company Background

    Leed Petroleum is an oil and gas exploration and production company
operating in the Gulf of Mexico, with interests in 12 Gulf of Mexico leases
and one onshore lease located in South Louisiana, USA. The Company was
previously known as Darcy Energy which was established in 1999 with a
particular strategy of capturing low-risk oil and gas opportunities.
    The Company is headed by Howard Wilson who has served as President & CEO
of LP LLC since November 2005. Mr. Wilson has over 26 years experience in oil
and gas exploration and production. Immediately prior to joining the company
Mr. Wilson was Vice President of Engineering and Operations of Darcy
Exploration, Inc. from January 2000 through to October 2002 when Darcy
Exploration, Inc. was purchased by Novus Petroleum, Ltd. He then served as
Vice President of Engineering and Operations of Novus Louisiana, LLC until
October 2005. Mr. Wilson was also Vice President of Operations of Petsec
Energy, Inc., a position he held from 1993 to 2000.
    James Slatten is the Company's Chief Operating Officer and has over 16
years experience in business and legal matters. Prior to joining the company
in 2005, Mr. Slatten was Vice President of Land and Legal of Darcy Exploration
Inc. (later Novus Louisiana LLC) from March 2000 to October 2005. Mr. Slatten
was also Vice President of Land and Legal of Petsec Energy, Inc. and served in
various executive capacities at Petsec between 1998 and 2001. He was a member
of the Gordon, Arata, McCollam & Duplantis law firm from 1985 to 1998 and
clerked for the United States District Court in New Orleans in 1983-84.


    The Company intends to remain focused on the Gulf of Mexico region, where
it has a depth of experience. Leed plans to substantially increase its
existing reserves and will seek to convert its undeveloped, probable and
possible reserves to proved producing reserves. In order to control
operational efficiencies, cash and expenditures the Company aims to operate
its assets.

    The Company will seek to grow through a three-tiered strategy:

    -   participation in Gulf of Mexico US Minerals Management Services (MMS)
        lease sales, primarily in the central Gulf of Mexico region;

    -   identifying and purchasing under-exploited assets from other large
        independent oil and gas companies; and

    -   partnership arrangements on acreage owned by other large independent
        oil and gas companies to explore or develop reserves that would
        otherwise not be produced.

    Use of Proceeds

    The net proceeds of the placing will be used to:

    -   Execute the drilling and development programme for the Eugene Island
        Assets, the South Marsh Island Assets, the Ship Shoal Assets and the
        Grand Isle Assets

    -   Evaluate new opportunities and acquisitions in its market area and to
        capitalise on those opportunities as they present themselves

    -   Reduce Group indebtedness

    Recent Development

    On 28 August 2007 the Company announced that it has signed a contract
with Ensco Offshore Company for the use of Rig 98 for a multiple well drilling
programme, first commencing at Eugene Island Blocks 183 and 184. Leed is
operator of Eugene Island Block 183 and the South Half of Eugene Island Block
184. It is anticipated that this drilling programme will commence by the end
of September 2007.
    Matrix Corporate Capital LLP, which is authorised and regulated in the
United Kingdom by the Financial Services Authority and is a member of the
London Stock Exchange, is advising the Company and no-one else in connection
with the placing and will not be responsible to any person other than the
Company for providing the protections afforded to its clients or for advising
any other person in relation to the contents of this announcement, the placing
or any matter referred to herein. The distribution of this announcement in
certain jurisdictions may be restricted by law and persons into whose
possession this announcement comes should inform themselves about, and
observe, any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.
    The securities have not been, and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act") or under the
securities legislation of any state of the United States, and may not be
offered or sold in the United States. The relevant clearances have not been,
and will not be, obtained from the Securities Commission of any province or
territory of Canada; no document in relation to the flotation has been, or
will be, lodged with, or registered by, The Australian Securities and
Investments Commission; and no registration statement has been, or will be,
filed with the Japanese Ministry of Finance in relation to the flotation or
the securities to be offered in the flotation. Accordingly, subject to certain
exceptions, the securities to be offered in the flotation may not, directly or
indirectly, be offered or sold within the United States, South Africa,
Australia, Japan, Canada or the Republic of Ireland or to or for the account
or benefit of any national, resident or citizen of South Africa, Australia,
Japan, Canada or the Republic of Ireland or to any person located in the
United States.

    Information contained in this announcement may include "forward-looking
statements" which are based on current expectations and assumptions and
involve known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those expressed or
implied in such statements. It is believed that the expectations reflected in
these statements are reasonable, but they may be affected by a number of
variables which could cause actual results or trends to differ materially.
Each forward-looking statement speaks only as of the date of this
announcement. Except as required by the AIM Rules, the London Stock Exchange
or by law, the Company disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with regard thereto
or any change in events, conditions or circumstances on which any such
statement is based.
    Information contained in this announcement cannot be relied upon as a
guide to future performance.

For further information:

For further information: Enquiries: Leed Petroleum PLC, (337) 314-0700,
Howard Wilson, Chief Executive; Matrix Corporate Capital LLP,
+44-20-7925-3300, Alastair Stratton, Tim Graham; Pelham Public Relations:
Alisdair Haythornthwaite, +44-20-7743-6676, Evgeniy Chuikov, +44-20-3008-5506

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