Gulf Coast Western LLC has bought additional oil assets in Southwestern Louisiana. The seller and value weren't disclosed.
The Dallas-based company said April 7 it has acquired a 50% working interest in certain assets in Beauregard Parish, La. The company also partnered with the U.K.-based Northcote Energy Ltd. to accelerate and expand Northcote’s drilling operations in the Shoats Creek Field.
Currently, the joint venture is planning a multi-well drilling program in the Wilcox, Frio and Cockfield formations, the release said.
As part of its deal, Gulf Coast Western purchased a 50% working interest in the Lutcher Moore #20 well, along with certain salt water disposal assets. The Lutcher Moore well was placed into production in February and is currently producing in excess of 100 barrels per day of oil, the release said.
Gulf Coast Western's purchase also included a 25% working interest in any wells drilled in the Wilcox Formation and a 50% working interest in four wells to be drilled in the Frio and Cockfield formations in the next 12 months.
The company expects to commence drilling on the first of four additional wells in May, all of which have "excellent potential," said Matthew H. Fleeger, Gulf Coast Western's CEO, in a statement.
"We believe [the wells] will provide a cumulative benefit to the positive return we’re seeing from the Lutcher Moore #20 well," Fleeger added.
The transaction closed Feb. 1, according to the release.
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