Venari Resources Reports Second Major Oil Discovery in Deepwater Gulf of Mexico, Coronado Encounters 400+ Feet of Oil Pay

Venari Resources LLC, a deepwater oil exploration and production company in the Gulf of Mexico, today announced a major discovery at its Coronado prospect. The Coronado discovery, which spud on June 1, 2012, encountered more than 400 feet of net oil pay.  The Coronado well, which was drilled to a total depth of 31,866 feet in 6,127 feet of water, is approximately six miles from Venari's Shenandoah discovery, which was previously announced on March 19, 2013. Venari holds a 10% working interest in Coronado. Venari and its co-owners, including Chevron Corporation

, as operator (40%), ConocoPhillips

(35%) and Anadarko Petroleum Corporation

(15%) are evaluating the well results to determine the full extent of the recoverable resource. "Between the Coronado discovery, the potentially giant Shenandoah discovery, and our recent high bids on remaining open blocks in the Shenandoah/Coronado mini-basin, Venari is firmly positioned for significant growth in a future production hub in the Gulf," said Brian Reinsborough, President and Chief Executive Officer of Venari Resources.  He added, "Venari's partnership with industry-leading companies in the Coronado and Shenandoah discoveries supports our mission of becoming the partner of choice in the deepwater."