Gulf Coast Energy Resources High Bidder on Four Shelf Leases in Central GOM Lease Sale
HOUSTON, June 21, 2012 /PRNewswire/ -- Gulf Coast Energy Resources, LLC today announced it was the apparent high bidder on four leases in the Central Gulf of Mexico Lease Sale 216/222 (through its subsidiary GCER Offshore, LLC "GCER").
The four high-bid leases are located on the Gulf of Mexico Shelf in water depths ranging from 17 to 300 feet, and cover nearly 20,000 acres on a gross basis. GCER has a 50% working interest in each of the blocks and will operate three of the four leases. GCER's share of the high bids totaled $2.6 million.
Kevin P. Guilbeau, Gulf Coast Energy Resources' President and CEO said, "We are very pleased to be the successful high bidder on these Shelf leases. The prospects are located in the oily portion of the Shelf, which we targeted for this lease sale. Two of the blocks are in South Marsh Island and one each in South Timbalier and Main Pass. These prospects add to our existing exploration portfolio on the Shelf and augment our Onshore Gulf Coast/Offshore Shelf strategy."
GCER plans to operate their first well on the Gulf of Mexico Shelf later this year.
About Gulf Coast Energy Resources:
Gulf Coast Energy Resources, LLC is a Warburg Pincus backed exploration and production company that was formed in 2010 and headquartered in Houston, Texas. The Company's strategy is to acquire, exploit, and explore for oil and gas in the Gulf Coast region of Texas and Louisiana. Contact Gulf Coast Energy Resources at 713-652-6700 or visit the Company's website at www.gcerllc.com.
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