TETRA Technologies Announces Asset Sale of $222.25M

TETRA Technologies, TTI today announced that its wholly-owned Maritech Resources, Inc. subsidiary has entered into an agreement with Tana Exploration Company, a wholly-owned subsidiary of TRT Holdings, to sell, for approximately $222.25 million, its interests in oil and gas properties that collectively represent approximately 79% of Maritech's total proved reserves and $72 million of associated asset retirement obligations as of December 31, 2010. Closing is expected to occur on or about May 31, 2011, subject to customary closing conditions. The final sale price is subject to customary adjustments at closing.