LIMA, Peru, Aug. 13, 2007 (PRIME NEWSWIRE) -- Barrett Resources (Peru), LLC, an independent upstream energy company, announced today that it has retained Goldman, Sachs & Co. to act as the company's exclusive financial advisor. The Company has initiated a process of reviewing financing and strategic alternatives that would facilitate the development of the company's sizable northeast Peru crude oil fields located in Block 67 (Paiche, Pirana and Dorado fields) in an expeditious, cost-effective and environmentally responsible manner.
The Company's decision follows the Peruvian government's recent approval of Barrett's Initial Development Plan for development of its Block 67 fields located in the Peruvian Maranon Basin. "The Company is excited about Block 67's prospects and looks forward to executing its development plan. We recognize the paramount importance of this project for the future of the Peruvian oil & gas industry in general and our company in particular," stated James Dean, Executive Director of Barrett Resources. "In order to facilitate the implementation of our development plan, and following common practice in our industry, the board has initiated the process of analyzing different financing and strategic alternatives," Dean said.
Commenting on the announcement, Barrett Resources' General Manager Benjamin Schulein said: "We are confident that Goldman Sachs will help us to conduct an in-depth analysis of the different alternatives available to us and make sure we get what's best for both us and for Peru. We would expect to reach a conclusion regarding this analysis before the end of the year."
About Barrett Resources (Peru), LLC:
Barrett Resources (Peru), LLC is an independent upstream energy company incorporated in Delaware (USA) whose primary focus is the exploration for and development of oil and gas reserves in Peru. The company has been active in Peru for over 10 years, and is responsible for drilling the initial exploration wells in 1998 resulting in the discovery of the Paiche, Pirana, and Dorado fields in Block 67 of the Maranon Basin.
Additional information about Barrett Resources is available at http://www.brperu.net.
Forward-Looking Statements
Certain Statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.