$65 Million Acquisition and Refurbishment Investment Unlocks Previously Inaccessible Drilling Opportunities on the Gulf of America Shelf

THE WOODLANDS, Texas, Sept. 8, 2026 /PRNewswire/ — Arena Energy, LLC (“Arena”), a leading independent oil and gas exploration company focused on the Gulf of America Shelf, and its strategic partner and preferred drilling contractor, White Fleet Drilling, LLC (“White Fleet”), recently announced that White Fleet’s WFD 450 jack-up drilling rig — the deepest rated water depth jack-up rig operating in the Gulf of America — has commenced a multi-well drilling program on Arena’s Shelf assets following completion of a $65 million acquisition and refurbishment program.

Originally built in 1999 and formerly operated by Valaris, the rig had been cold-stacked in the shallow waters of the Gulf of America for seven years prior to acquisition by White Fleet which then invested in substantial repairs and upgrades — marking one of the most significant rig refurbishment investments in the Gulf of America in recent years. The rig was christened on January 9, 2026, and deployed to active drilling operations in late March.

The WFD 450 can drill in water depths up to 400 feet and to total depths of 30,000 feet — capabilities that give Arena access to platforms previously beyond the reach of the existing Gulf of America rig fleet. That reach is expected to unlock significant new production from proved reserves that had remained undeveloped due to equipment constraints.

Since deployment, the WFD 450 has been drilling for Arena in the Southern Eugene Island area and is scheduled to continue drilling on Arena’s leasehold.

“This is what a long-term commitment to American energy looks like,” said Arena Co-Founder and CEO Mike Minarovic. “Nobody invests $65 million in a rig for a single drilling season. The WFD 450 will be drilling wells on the Shelf — and generating significant royalties for the federal treasury — for the next 15 to 20 years.”

Minarovic continued, “We are ‘all in’ on the future of the shallow water Gulf of America. The Shelf still holds vast potential, and the WFD 450 gives Arena the reach to unlock proved reserves that no other rig in the Gulf could access.”

The activation of the WFD 450 advances American Energy Dominance by restoring and increasing production across the full water-depth range of the Gulf of America Shelf.

About White Fleet Drilling

White Fleet Drilling was formed in 2017 as a jack-up rig services provider to provide safer, more efficient, and consistent drilling services to Arena Energy and the offshore industry in the U.S. Gulf of America. White Fleet Drilling owns and operates three jack-up drilling rigs capable of drilling in water depths of 12 to 400 feet, and has drilled over 367 wells in the Gulf of America over the past 20 years with a track record of excellence in safety and environmental performance.

About Arena Energy

Arena Energy, LLC was founded in 1999 on the belief that mature producing areas of the Gulf of America Shelf still held vast potential – and that with the right technology, talented oil and gas finders could unlock these drilling opportunities. Today, that vision has been realized many times over. Since its founding, Arena has grown into one of the largest private offshore oil and natural gas companies, having invested more than $5 billion of capital in the Gulf of America, paid $1.8 billion in royalties to the federal government, and decommissioned over three hundred wells and forty-five platforms and other structures. Arena takes pride in safely and responsibly producing the energy that powers the United States and the world.

Contact Information:

Kevin Bruce
Vice President – Government Affairs
kbruce@arenaoffshore.com
281-210-0536

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SOURCE Arena Energy, LLC