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Petrosearch Teams with Independents to Unveil Five New E&P Subsidiaries
Building on its announcement earlier in the month, Petrosearch Corp. said it has organized another five subsidiaries to conduct oil and natural gas exploration activities in various parts of the United States. This brings the total number of exploration subsidiaries to nine.
The newly organized subsidiaries, established as Texas limited liability companies, are Rocky Mountain Petrosearch, Clark Valley Petrosearch, Buena Vista Petrosearch, Big Sky Petrosearch and Rocky Ridge Petrosearch. The 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, while Buena Vista Petrosearch will be pursuing a deep natural gas project in Jefferson County, MS. Rocky Ridge Petrosearch will be pursuing Lodgepole Reef development in Slope County, ND, following Guidance Petrosearch's recent success in Stark County, ND.
"This is what we have been working on for the past month and are extremely pleased with the results," said Bradley J. Simmons, president of Petrosearch Corp. "With the new additions announced recently and today, we have tripled the number of exploration subsidiaries in the past 30 days."
Looking to tap into natural gas supplies in southeastern Colorado County, TX, Petrosearch late last year formed Pursuit Petrosearch LLC. to explore the deep Wilcox formation (see Daily GPI, Dec. 31, 2003).
"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," added Simmons. "Our Petrosearch 'family' is growing and our business model has attracted the high quality of projects and independents we had envisioned."
Currently, Guidance Petrosearch is drilling its second Williston Basin exploration test in Stark County and TK Petrosearch is moving in a drilling rig and equipment to begin three field extension wells in Fort bend County, TX.
Formerly Texas Commercial Resources Inc., Petrosearch was created by a team of experienced oil and gas professionals. The company's unique approach to finding and developing oil and gas prospects in North America includes incubator investment strategies and franchise financing through joint ownership incentive agreements with existing, successful independent oil and gas producers possessing exclusive knowledge of overlooked, undeveloped or underdeveloped oil and gas resources.
The company said it believes leading independents are motivated to bring their best prospects to Petrosearch because they stay on to manage the subsidiary operating companies created to exploit each petroleum asset and share fully in the value generated as the properties are developed. After initial funding has been returned to the parent company, each independent has the option of acquiring equity ownership in his/her own subsidiary.
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