Looking to tap into natural gas supplies in southeastern Colorado County, TX, Petrosearch Corp. said Tuesday it has formed a new subsidiary, Pursuit Petrosearch LLC., to explore the deep Wilcox formation. The new company will be based in Houston.

Petrosearch Corp. has appointed Marshall Crawford II as president of Pursuit Petrosearch LLC. “We are pleased to have an individual of this caliber heading this effort,” said Dan Denton, COO of Petrosearch Corp. “Mr. Crawford has proved his talents both in the business aspects of oil and gas and as an oil and gas finder. That an independent of such quality is joining our Petrosearch ‘family’ is a testament to our business model’s ability to attract the ‘best and brightest’ in the industry.”

Prior to coming to Pursuit Petrosearch, Crawford has been active in the Rancho Solo Oil Field in Duval County, TX and in an extension to the Northeast Thompsonville Field in Jim Hogg County, TX.

Under the business plan, Pursuit Petrosearch will concentrate on drilling for natural gas in the Wilcox formation, with its initial effort — a 16,500 foot test well — scheduled to begin drilling by June of 2004. The prospect, called the Southwest Garwood Prospect, will have multiple potential targets from 9,800 to 16,500 feet in depth. Crawford’s company, Pursuit Exploration Co. LLC., is contributing 2,438 gross acres and 1,798 net acres to the project.

“The economics of natural gas plays in the lower Wilcox can be quite attractive,” said Denton, “and we are pleased to be associated with Mr. Crawford in our first deep gas drilling efforts.”

Petrosearch Corp. said it attracts leading independents because they can bring their best prospects to Petrosearch and 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, Petrosearch Corp. said each independent has the option of acquiring equity ownership in his/her own subsidiary. Petrosearch Corp., through its current four wholly-owned operating subsidiaries, holds oil and gas properties in Texas and North Dakota.

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