DALLAS, July 31, 2014 /PRNewswire/ -- TransCoastal
Corp (OTCQB: TCEC), ("TransCoastal"), an independent energy
development company, announced today that it has entered into a
joint venture agreement with Core Resource Management Incorporated
(OTC: CRMI), ("CRMI"), to drill up to 10 wells on TransCoastal's
Pampa, Texas acreage.
The agreement stipulates that CRMI will fund 100% of the
drilling and completion costs of up to $475,000 per well. Any additional drilling and
completion expenses for each well will be split 60% to TransCoastal
and 40% to CRMI. Upon completion, each party will have a 50%
working interest in each well. The net revenue interest will be
split 42.6% to CRMI and 28.4% to TransCoastal until each well's
drilling and completion costs are paid back. Afterwards, each party
will have a 35.5% net revenue interest in each well. CoreTerra
Operating, a subsidiary of TransCoastal, will be the official
operator of each well.
Casimir Capital L.P. acted as the exclusive advisor on the
transaction.
"These first 10 joint venture wells are just the beginning of an
aggressive development program of approximately 100 drill site
locations in our proved-undeveloped reserve category," spoke
Stuart Hagler, CEO of TransCoastal.
"This JV compliments TransCoastal's acquisition strategy of
acquiring and developing long-lived reserves, which remain largely
undeveloped."
About TransCoastal
TransCoastal Corporation is an
independent oil & gas company formed in August 1998 and headquartered in Dallas, Texas. Since inception, TransCoastal's
growth has focused on the acquisition of producing oil and gas
properties. The Company's strategy is driven by exploitation
opportunities of proven yet underdeveloped mature oil and gas
fields, which possess long-life reserve potential with low risk
development opportunities. For further information on the Company,
please visit TransCoastal's website at www.TransCoastal.net.
Notice Regarding Forward-Looking Statements
This news
release contains "forward-looking statements" (statements which are
not historical facts) made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on current expectations rather
than historical facts and they are indicated by words or phrases
such as "anticipate," "could," "may," "might," "potential,"
"predict," "should," "estimate," "expect," "project," "believe,"
"plan," "envision," "continue," "intend," "target," "contemplate,"
or "will" and similar words or phrases or comparable terminology.
We have based such forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
and other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements, many of which are beyond our control.
These factors include, but are not limited to, the timing and
extent of changes in market conditions and prices for natural gas
and oil; the timing and extent of the company's success in
discovering, developing, producing and estimating reserves; the
economic viability of, and the company's success in drilling, the
company's ability to fund the company's planned capital
investments; the company's future property acquisition or
divestiture activities; increased competition; and any other
factors listed in the reports the company has filed and may file
with the Securities and Exchange Commission (SEC). Investors are
cautioned not to place undue reliance on these forward-looking
statements, which are valid only as of the date they were made. The
Company undertakes no obligation to update or revise any
forward-looking statements to reflect new information or the
occurrence of unanticipated events or otherwise.
SOURCE TransCoastal Corporation