Tana Exploration will acquire a stake in the properties of Tetra Technologies’ exploration and production (E&P) unit. The 79% stake of Maritech Resources, which buys and develops properties in the Gulf of Mexico, will be sold for about $222.25 million.

The deal also includes $72 million of associated asset retirement obligations. The transaction is expected to be completed by May 31, 2011.

Click here for the release from PR Newswire.