Archive for the ‘Gulf Western Petroleum Corp. GWPC’ Category

Red Chip Featured Company: Gulf Western Petroleum Corp. (GWPC.OB)

Friday, September 26th, 2008

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.

Let us hear your thoughts: Gulf Western Petroleum Corp Message Board

RedChip Issues Initial Research Report on Gulf Western Petroleum Corp. (GWPC.OB)

Friday, November 9th, 2007

RedChip Visibility, a division of RedChip Companies Inc., began research coverage on Gulf Western Petroleum Corporation, an emerging oil and gas company with low-risk drilling prospects in Central Texas and Kansas. The CEO, Milton Cox, formed Gulf Western Petroleum Corp. from merging assets of Wharton Resources Corp. and Code America Inc. both of which he controlled. They have targeted the Frio Sands in Central Texas with 15 wells that will come on line within the next one to two months and so will be showing revenue near-term. They are participating in higher potential plays in Texas targeting the Wilcox Zone near the proven Southwest Bonus fields and leases in the Cherokee Basin in southeast Kansas, the Mound Branch Prospect.

The Board of Directors includes three officers and two senior industry executives. W. Milton Cox, Chairman and CEO, brings over 25 Years of oil and gas experience to Gulf Western Petroleum. With a 14 year background in oil field project development, Mr. Bassam Nasat, President, has handled all aspects of crude oil sales and contract negotiations. Don Sytsma, CFO, brings with him a history in domestic and international industries of 25 years. Directors, Tim Altum and Arden McCraken, collectively have more than 4 decades of experience in the technical and engineering fields with companies such as BP, Devon Energy, Pennzoil and PennzEnergy.

The Texas Frio Prospect is a series of non-operating working interests that were identified through 3D seismic data. Gulf Western has successfully drilled nine of the 15 wells and revenue is expected to start within the next 30–60 days as the wells are brought on stream. They have also announced the addition of two wells in the Shamrock Project and ten drilling targets have been identified for The Brushy Creek Prospect, both of which are expected to well. In Mound Branch, Kansas, Gulf Western Petroleum Corp. holds oil and gas leases on 8,800 acres. They have 8 of the planned 150 wells with production “behind pipe,” meaning they have reserves but are not producing until they are tied into a pipeline.

Clay Mahaffey, CFA, RedChip Research Analyst, reported: “The major assets are the leases in central Texas targeting the Wilcox sands Oakcrest Prospect, a very prolific producing field for many years. A reserve study was done in 2006 for Wharton Resources by Sproule, an independent professional petroleum engineering firm. They determined that two of the drilling targets had proved reserves of 3.7 BCFeq and the other 15 targets had probable and possible reserves of an additional 27 BCFeq. On an unrisked basis and recent market valuation multiples of $15 per barrel, or $2.50/MCF, this gives a valuation of $1.35 per share, well over the recent trading price of $0.49. This excludes the other Texas, Kansas and Kentucky assets, justifying further interest.”

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RedChip Announces Exclusive Interview with Gulf Western Petroleum Corp. (GWPC.OB)

Friday, October 19th, 2007

RedChip announced today that the President of Gulf Western Petroleum, Sam Nastat, was recently featured in an exclusive RedChip Radio update. The interview focused on the Company’s progress with its Texas Shamrock Frio Project, in addition to reviewing the Company’s proven reserves and strategic objectives for the short and long term future.

Gulf Western Petroleum is committed to exploring and developing domestic petroleum and natural gas reserves in the United States. The company is currently identifying other oil and gas resource opportunities that would benefit from its competent position in the industry.

Gulf Western’s primary asset is a high caliber management team with both upstream and midstream segment experience, as well as a proven track record of finding and developing commercial reserves. The team has extensive experience in the U.S. oil and gas industry and the ability to attract a steady stream of high quality oil & gas resource opportunities.

To hear the complete interview, please visit: Gulf Western Petroleum Corp. (GWPC.OB) Interview 

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