By January 16, 2016 Read More →

Orbit Gulf Coast Exploration acquires Louisiana assets

Gulf Coast Western agreed to operate Louisiana-based Warhorse Oil and Gas development wells

Orbit

Gulf Coast Western CEO Matthew H. Fleeger

Dallas-based Gulf Coast Western, LLC says its subsidiary, Orbit Gulf Coast Exploration, LLC, has acquired substantially all of the assets of Lafayette, Louisiana-based Orbit Energy Partners, LLC.

The acquisition includes proprietary rights and access to hundreds of square miles of 3D seismic data in Southwestern Louisiana, working interests in 13 producing wells and 140 defined drilling locations with approximately 30 million barrels of oil equivalent of total reserve potential.

Orbit Gulf Coast Exploration took over production effective Oct. 1, 2015. Terms of the deal, which closed in Dec., were not disclosed. Gulf Coast Western explores, develops and acquires domestic oil and gas reserves primarily in the Gulf Coast region with operations in six states.

Gulf Coast Western plans to partner with Orbit Gulf Coast Exploration and Orbit Energy, Inc. to further develop hundreds of prospects in an Area of Mutual Interest (AMI) covering approximately 1,000 square miles in Acadia, Allen, Beauregard, Calcasieu, Cameron, Evangeline and St. Landry Parishes.

“We are very pleased with the opportunity that this acquisition provides for our company and our partners and we look forward to identifying further development opportunities as a result of this acquisition,” said Gulf Coast Western CEO Matthew H. Fleeger.

This AMI includes 13 wells in production as well as one well which has been production tested and is currently being placed into production. These are expected to produce in excess of 800 barrels of oil equivalent per day. Gulf Coast Western plans to maximize production potential with 18 additional PUD-designated offset wells. Development plans also include two workover wells.

 

As part of the transaction, Gulf Coast Western secured an agreement from Louisiana-based Warhorse Oil and Gas to be the operator of many of the development wells.

 

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