Energy Resource Technology Inc., Houston, a wholly owned subsidiary of Cal Dive International Inc., (Nasdaq: CDIS) has acquired a 40% working interest in the Tiger Discovery in the Gulf of Mexico through an exchange with Deep Gulf Energy LP in which Energy Resource traded a 15% working interest in the Bass Lite discovery. Each party reimbursed the other for sunk costs, resulting in an approximate $1 million payment by Energy Resource to Deep Gulf. The Tiger Discovery contains proved undeveloped gas reserves in a Pliocene age sand. Expected start of production is mid-2006 at a gross rate of 40 million cubic feet of gas per day.
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