Petsec Energy Ltd plans to continue looking for acquisition opportunities in the Gulf of Mexico after gas output from the US region fell in the third quarter. During the quarter Petsec Energy had evaluated a number of opportunities in the US Gulf of Mexico and was unsuccessful in a bid to acquire a package of offshore and onshore gas producing properties. The company said: "The Company will continue to pursue opportunities to acquire quality producing assets." Petsec Energy is keen to acquire assets in shallow waters. The company stated: "Returning stability in equity and credit markets and a more realistic acceptance of prices by both buyers and sellers should see an increasing number of producing properties being offered in the Gulf." Petsec Energy had cash of $13.3 million at the end of the quarter. Petsec shares were down by 10% to 31.5 cents.

Petsec Energy Ltd. expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 22, 2009).

Petsec Energy Ltd. reported revenue results for quarter ended September 2009. For the quarter, the company reported that it has recorded production from its Gulf of Mexico operations of 1,604mmcfe in the September quarter, down 23% on the prior corresponding quarter and down 19% on the June quarter. The lower production was largely because of natural decline, some periods of shut-in for pipeline maintenance, delays in recompletions and the lower gas price. Net revenue for the quarter was $10.3 million, down 47% on the prior corresponding quarter and down 29% on the June quarter. The average sales price was $6.45/mmcfe, down 31% on the prior corresponding quarter and down 13% on the June quarter.