Dallas, TX (PressExposure) February 18, 2009 -- "We see an exceptional landscape to aggressively pursue exploration and development opportunities in 2009 and 2010 as a result of depressed commodity pricing, reduced oil field service pricing, reduced pipe costs and an abundance of rig availability.
We believe this will lead to an elimination of many of the scam artists and unscrupulous operators which inflated prices attracted. All of these factors have influenced us to increase our budget for exploration activity in 2009. By taking advantage of this temporary down-turn, we can build reserves and secure acreage for future development at significantly reduced prices and take advantage of the inevitable rebound in pricing in the coming years.
We also believe that investing in exploration and acreage in todayâs economic climate will produce significant long-term rewards for Gulf Coast Western for many years to come," stated Matthew H. Fleeger, GCW President and CEO.
Gulf Coast Western, a Dallas-based company founded in 1970, is focused on the exploration, development and acquisition of domestic oil and gas reserves.
About Gulf Coast Western: Gulf Coast Western was founded in 1970 for the purpose of exploring, developing and acquiring domestic oil and gas reserves, primarily in the Gulf Coast region of the United States. Historically, operations have focused on that area with some activity in Kansas and Oklahoma. With a new generation of leadership and dynamic strategic partners, Gulf Coast Western is also entertaining expansion opportunities in other areas in the United States and internationally. Our core acquisitions and exploration successes are in the oil and gas rich Gulf Coast where we have access to thousands of acres to be developed in the coming years.
Our strategic partnerships with well established industry partners allows us to combine our resources, talent, industry know-how and experience to create unique opportunities for our company and our partners that will provide long-term rewards and ensure a bright future for Gulf Coast Western.