Dallas-based Gulf Coast Western, LLC announced today it has completed the purchase of interests in 13 wells with combined production of approximately 800 barrels of oil per day. The wells are located in the Lake Salvador Field in St. Charles Parish, Louisiana, the Bayou Perot Field in Jefferson Parish Louisiana, the Crescent Field in Iberville Parish, Louisiana, and the Verba Field in Jasper County, Mississippi. The purchase agreement includes additional developmental prospects in the Lake Salvador and Crescent Fields. Gulf Coast Western purchased the interests in the producing wells from a large number of working and royalty interest owners.
Gulf Coast Western explores, develops and acquires domestic oil and gas reserves primarily in the Gulf Coast region of the United States.
“Purchasing interests in producing wells is a strategic move for our partners,” said Gulf Coast Western CEO Matthew H. Fleeger. “It shortens the investment timeline for our partners as it provides immediate cash flow while mitigating drilling risk and adding diversification to our partnership opportunities. We have high expectations for the long-term production of these wells and the enhancement they provide to our joint ventures.
“We maintain a strategy focused on acquiring interests in prospects and properties that have excellent geological and geophysical attributes that provide excellent return potential with quantified downside risk for our participating partners. I think we have successfully executed our strategy with these transactions.”