Gulf Coast Western Forms Strategic Partnership With Sterling Energy
Released on: March 19, 2008, 1:19 pm
Press Release Author: Christi Callicoatte
Industry: Energy
Press Release Summary: Dallas-based Gulf Coast Western, a diversified oil and gas exploration company, will partner with Sterling Energy to drill 35 well in the U.S. within the next 12 months.
Press Release Body: (DALLAS, TEXAS - February 5, 2008) --- Dallas-based Gulf Coast Western, a diversified exploration company, has announced its newly-formed partnership with Sterling Energy, Inc.
Sterling Energy plc is an independent oil & gas exploration and production company operating in the Gulf of Mexico and Africa. They have been listed on the London Stock Exchange, Alternative Investments Market (AIM) since 2002 (symbol: SEY). In March 2007, Sterling completed the acquisition of Whittier Energy Corporation, a US listed company with assets in Texas, Louisiana, Mississippi and the Permian Basin. The acquisition increased Sterling's global reserves from 12.9 MMBOE to 24.5 MMBOE. That acquisition is now a Houston-based subsidiary called Sterling Energy, Inc. Over the next 12 months, Sterling plans to drill 35 wells in the US, and Gulf Coast Western plans on partnering with Sterling on a significant number of those projects.
"Gulf Coast Western is very excited about the partnership with Sterling Energy. Both of our companies are looking to enhance our portfolio of assets from exploration through new production," said Gulf Coast Western CEO Matthew H. Fleeger. "Our combined expertise and resources create a dynamic partnership that will work diligently to create new opportunities in the Gulf Coast Region for years to come."
Gulf Coast Western and Sterling are currently exploring prospects that meet the criteria of excellent geological science, minimized risk, substantial reserves and timely drilling schedules. "The synergy created with this strategic alignment has already begun to pay dividends and ensure a bright future for both companies," said Fleeger.
Gulf Coast Western, a, Dallas-based company founded in 1970, focuses on the exploration, development and acquisition of domestic oil and gas reserves.
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Contact Details: Christi Callicoatte CVA Advertising & Marketing 5030 E. University, Ste. B-401 Odessa, TX 79762 800-375-9434 christi@cvaadv.com