The company's first strategic initiative was to acquire oil and gas mineral leases in the Bend Arch-Fort Worth Basin, from Westside Energy, LP in an all-stock transaction. Westside Energy Corporation's expanding acreage position provides adequate locations to sustain a multi-year drilling program. The company intends to develop this acreage by drilling wells in the Barnett Shale formation with the objective of producing natural gas. The Barnett Shale of North Texas is widely recognized as one of the most desirable areas for natural gas exploration in the continental U.S. Additionally, Barnett wells are prized for long-lasting production and a very high drilling success rate.
Jimmy D. Wright has been elected as the Chief Executive Officer and Chief Financial Officer to lead the new organization. Mr. Wright served as President of Westside Energy, LP since its formation in early 2003. During Mr. Wright's 20 plus year career in the energy business, he has served in senior management positions with energy companies including President of EnergyClear Corporation, a Commodity Futures Trading Commission energy clearinghouse; and President and CEO of Midcoast Canada Operating Company, which is now an indirect subsidiary of Enbridge Inc. (NYSE: ENB). Mr. Keith D. Spickelmier remains as the company's Chairman of the Board. Mr. Spickelmier is an attorney and private investor with board experience and investments in the energy industry.
"Westside is well positioned to capitalize on the unique opportunities for developing natural gas reserves present in the Barnett Shale. The combination of strong energy prices, vast unrecovered reserves in this basin and an efficient corporate cost structure provide for an optimal value proposition for shareholders," said Wright. "In March 2004, the USGS increased estimates of unrecovered gas in the Barnett Shale to 26.2 TCFG, which emphasizes the potential of our core development area and highlights the need for additional investment in development."
The company, along with the name change, has a new CUSIP number, 96149R 10 0. The stock certificates held under Eventemp Corporation are still valid, and do not need to be exchanged to reflect the company's new name.
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