Gulf Coast Energy has acquired, through its subsidiary GCER Onshore, LLC, producing assets and an exploration portfolio in the Texas Wilcox Trend from a private company for $95 million. These assets currently produce net 10 million cubic feet of gas per day (MMCFGD) and 170 barrels of oil per day (BOPD). Gulf Coast Energy Resources plans to drill several wells in 2011.
Gulf Coast Energy Resources President and CEO Kevin P. Guilbeau said, "This asset acquisition provides us with a foundation for growth and accelerates our business strategy. We plan to continue an aggressive exploration and acquisition program in 2011."
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