UPDATE 1-Tetra Technologies to sell majority of E&P unit for $222 mln

* To sell properties to Tana Exploration

* Says properties represent 79 pct of unit’s total proved
reserves

(Follows alerts)

April 7 (Reuters) – Tetra Technologies Inc said it
will sell majority of its exploration and production unit’s
properties to Tana Exploration for $222.3 million, a month after
the oil and gas services company started exploring alternatives
for that business.

Tetra’s exploration and production unit, Maritech Resources,
acquires and develops properties in the Gulf of Mexico.

In February, the company had outlined its strategy for
Maritech, to focus on selective reinvestment in core properties
and divestment of non-core assets.

The assets sold included $72 million of associated asset
retirement obligations.

The company said the assets it was selling represent 79
percent of Maritech Resources’ total proved reserves.

With this transaction, the company would have sold about 92
percent of its unit’s proved reserves as of Dec. 31, 2010.

Shares of the Woodlands, Texas-based company closed at
$14.86 on Thursday on the New York Stock Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
Roshni Menon)

UPDATE 1-Tetra Technologies to sell majority of E&P unit for $222 mln