Venture Production plc (North Sea Gas Partners)

April 18, 2006

      Compass Advisers, LLP ("Compass") is pleased to announce the formation of North Sea Gas Partners, a $300 million strategic partnership between Aberdeen-based independent oil and gas production company Venture Production plc ("Venture Production"), and a group of North American-based investors led by private equity firm ArcLight Capital Partners LLC ("ArcLight").  North Sea Gas Partners was established to acquire and develop "stranded" gas assets in the UK North Sea.  Compass acted as financial advisor to Venture Production, and helped raise capital for the joint venture.

      North Sea Gas Partners will invest, alongside Venture Production, in acquisition and development opportunities in the southern North Sea.  In these investments, Venture Production will act as the field development and production operator of the developments, receiving an enhanced rate of return if the projects exceed a specified return on investment.

      Compass worked with Venture Production to help the company achieve its strategic objectives.  With North Sea Gas Partners, Venture Production is able to pursue larger opportunities, benefits from the value it creates as operator, and diversifies its portfolio while retaining operational control.  The additional development capabilities provide Venture Production the ability to develop a larger portfolio of assets while also providing an enhanced return on its investment.