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The Gulf of Mexico has historically been the most prolific oil and gas basin in North America and currently provides more than 35% of U.S. gas production. It is also the nation's most active region in terms of capital expenditures and new reserve additions. However, since the advent of deepwater drilling technology, many major energy companies have exited the shallower Gulf waters they once exploited to develop properties further offshore.
This dynamic had created excellent opportunities for low risk exploitation companies such as PANACO who have utilized advanced technology to recover significant reserves from large, complex, multi-zone properties whose potential wasn't fully exploited in the past.
In less than a decade, PANACO's aggressive growth strategy has propelled it from relative obscurity into one of the top 100 U.S. oil and gas companies. Our primary holdings are concentrated in five offshore areas: the strategically located East Breaks Fields offshore Galveston; Umbrella Point Field in Trinity Bay; the High Island 309 Field offshore Galveston; the West Delta Field offshore south-eastern Louisiana, and Price Lake Field in the southeast part of Cameron Parish, Louisiana.
As these successes are proving, the Gulf Coast/Gulf of Mexico remains a landscape rich with acquisition opportunities for companies of PANACO's size. More than 4,500 platforms currently owned by major oil and gas companies offer potential for future growth.
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