This guy has posted this message on both HELX and REM's MB. I guess he generally invest in "Penny Stocks" where this news would make or break a company. I'll repost some of the responces for your benefit (NOT HIS, I question his motives):
FROM SOULDOG: Here are their active production projects:
The dry-hole in discussion was a REM prospect that was disclosed at the merger announcement.
Read that as (1) being accounted for in the pricing of REM's shares, (2) or some adjusting could be made at the final closing, or (3) they are writing-off the up-to-date cost (a conservative approach) even dough REM/HELX may go back with new information gained and rework the prospect. As a young man, working for Schlumberger (mid-1960's), we were trying to define formation data to assist clients redirect their wells that may have just missed the optimal pay zone due to faulting, directional dip, etc. In "exploration" this is almost as routine as spudding a new prospective lease. The difference now is that the Geologist and Engineers have a lot more information than they started with.
FROM "YOUR CASH MY POCKET": "didn't even know they were/are in deepwater..."
Do us the kind favor of at least visiting their website before displaying your harmful ignorance here.
"I'm pretty sure that they don't have 200 deepwater properties."
The ERT division specializes in decommisioning and salvage, and I don't doubt that they have 200 off-shore properties. The number of these that are deepwater "dry holes" I don't know, but if they do have interest in any dry holes, this is likely where it is.
Most of their interests are obtained by trading for services on existing projects and prospects. The purchase of Remington is their initial move into major E&P.