The newly organized subsidiaries, established as Texas limited liability companies, are Rocky Mountain Petrosearch, LLC, Clark Valley Petrosearch, LLC, Buena Vista Petrosearch LLC, Big Sky Petrosearch, LLC, and Rocky Ridge Petrosearch, LLC. These names reflect specific exploration prospects or new alliances created with independent producers.
Rocky Mountain Petrosearch, Clark Valley Petrosearch, and Big Sky Petrosearch have been organized to pursue certain yet undisclosed exploration projects in Northern Montana.
Buena Vista Petrosearch will be pursuing a deep natural gas project in Jefferson County, Mississippi.
Rocky Ridge Petrosearch will be pursuing Lodgepole Reef development in Slope County, North Dakota following Guidance Petrosearch's recent success in Stark County, North Dakota.
Bradley J. Simmons, President of Petrosearch Corp., in a statement prior to the company's special shareholders meeting being conducted in Houston this evening, said, "This is what we have been working on for the past month and are extremely pleased with the results. With the new additions announced recently and today, we have tripled the number of exploration subsidiaries in the past 30 days."
Simmons further added "Each of our exploration subsidiaries are capable of making major contributions to the future success of our company and are headed by leaders with the goal of accomplishing just that. Our Petrosearch "family" is growing and our business model has attracted the high quality of projects and independents we had envisioned."
Guidance Petrosearch is currently drilling its second Williston Basin exploration test in Stark County, North Dakota and TK Petrosearch is moving in a drilling rig and equipment to begin three field extension wells in Fort bend County, Texas.
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