Equity funding for the new privately-held company is being provided by the management team and by Palace Exploration Company in New York. Palace has extensive experience in the exploration environment and has enjoyed much success over the years in that arena. "Recently Palace has been searching for a means to expand into the acquisition and exploitation niche of the industry and feels that the timing is right for the purchase and enhancement of certain mature properties and/or companies looking to monetize in the current pricing environment" notes Bob Zinke, Executive Vice President of Palace.
Pelletier adds that, "We believe strongly in the inherent value associated with North American oil and gas reserves and believe that, in the current pricing environment, a solid technical approach can greatly enhance the underlying value of many mature North American properties. With an equity partner as solid and experienced as Palace, we believe we will have the ability to compete effectively, move quickly to complete transactions in this competitive environment and ultimately enhance the value of properties acquired. We are looking forward to the challenge."
The company will maintain two offices, one in the Esperson Building in the downtown central business district and a second office in West Houston and can be reached via e-mail at email@example.com or at (713) 224-6874.
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