Gulf Western Petroleum Corporation (GWPC.OB) is a Houston-based company capitalizing on domestic sources of natural gas and oil. This exploration and development company actively seeks domestic opportunities to maximize growth and returns for its stakeholders. With a number of projects and leaseholdings in Texas, Kansas, and Kentucky, Gulf Western works to leverage its core competencies to strengthen its presence in the energy sector.
Gulf Western holds about 5,600 acres of property in Kentucky. Exploration for oil and natural gas supplies in the Appalachian Basin are being performed at the Baxter Bledsoe and the Bell Prospects. Gulf Western owns a 100% working interest in the 2,200 acres at Baxter Bledsoe Prospect, located in Clay County, Kentucky. The company also owns a 100% working interest on the 3,400 acres at the Bell Prospect, located in Bell County, Kentucky. There is a potential to acquire an additional 5,000 acres of coal bed methane leases in adjoining Knox County.
In Elk County, Kansas, Gulf Western holds approximately 8,800 acres. The Mound Branch Project is a reserve and infrastructure development program of existing and after-acquired gas and oil lease acreage. The project also includes nine existing wells that are awaiting construction and interconnection with the Mound Branch Gathering System. The development program includes a provision for 150 wells to be drilled over a three-year period. The gathering system is a 15-mile, low-pressure system with a maximum design capacity of 8,000 million cubic feet (Mcf) per day. Once the interconnection is made, the natural gas production from the new and existing wells will be delivered into an interstate pipeline that serves Wichita and Kansas City.
Gulf Western is participating in a number of projects in Texas. The company holds a 90% working interest in the Shamrock Project, located in Dewitt County. Typical wells in the area produce between 200 and 250 Mcf per day with estimated total recoverable reserves of about 500 Mcf. Gulf Stream holds working interests of 30% to 45% in ten wells in the Brushy Creek Project, located in Lavaca County.
Finally, the Oakcrest Project and the Oakcrest North Prospect are 866 acres outside of Houston that Gulf Western holds 95.75% working interest in. Total proved and possible natural gas reserve potential for the Oakcrest Project is about 30.9 billion cubic feet, along with 830,000 barrels condensate net. Initial data of the Oakcrest North Prospect shows that its reserve potential may be as productive as the Oakcrest Project.
With its mix of natural gas and oil projects, Gulf Western seems to have found a balance to its focus to ensure a strong base from which to grow and provide returns to its stakeholders.
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