16–Dallas-based Gulf Coast Western, LLC has announced its acquisition of a 50% working interest in certain assets and partnered with Dallas-based Northcote Energy Ltd in order to expand Northcote’s drilling operations in the Shoats Creek Field located in Southwest Louisiana.
At present, the plans consist of a multi-well drilling programme in the Wilcox, Frio and Cockfield formations.
Gulf Coast Western explores, develops and acquires domestic oil and gas reserves primarily in the Gulf Coast region with operations in six states.
As part of the deal Gulf Coast Western purchased a 50% working interest in the Lutcher Moore #20 well, in addition to certain salt water disposal (SWD) assets which included an operating SWD well, and a 25% working interest in any wells drilled in the Wilcox formation. The Lutcher Moore #20 well was placed into production in February 2016 and is currently producing in excess of 100 bpd.
The deal also includes a 50% working interest in four wells to be drilled in the Frio and Cockfield formations in the next 12 months. Terms of the deal, which closed Feb. 1,were not disclosed.
The Shoats Creek Field in Louisiana’s Beauregard Parish has a cumulative production of more than 4 million boe from multiple sands within the Wilcox formation.
CEO Matthew H. Fleeger. commented:
“This partnership with Northcote Energy, combined with our existing assets in Beauregard Parish, allows us to continue to expand our footprint in Louisiana and further develop this proven field, that for some companies would be difficult during this low commodity pricing environment,” said CEO Matthew H. Fleeger.
“We expect to commence drilling on the first of four additional wells in May 2016, all of which have excellent potential and we believe will provide a cumulative benefit to the positive return we’re seeing from the Lutcher Moore #20 well.”
Gulf Coast Western/Page 2 Gulf Coast Western maintains a strategy focused on acquiring interests in prospects and properties that have excellent geological and geophysical attributes in well developed structures, which provide significant return potential with quantified downside risk for our participating.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/08042016/gulf-coast-western-acquires-additional-oil-assets-in-southwestern-louisianna/