Westside Energy Announces Sale of Interest in Tri-County Gathering System
November 13 2006 - 6:38PM
PR Newswire (US)
DALLAS, Nov. 13 /PRNewswire-FirstCall/ -- Westside Energy
Corporation (AMEX:WHT), an oil and gas company with operations
focused on the acquisition, exploration and development of natural
gas in the Barnett Shale play in North Texas, today announced the
sale of its 16.67% interest in the Tri-County Gathering System. The
pipeline interest was included with the acreage and producing wells
acquired by Westside earlier this year. Westside received $5
million in net proceeds for the pipeline interest, which will be
used to reduce outstanding debt and to fund a portion of planned
drilling and development activities. Management Comment Douglas G.
Manner, Westside's Chief Executive Officer said: "We are pleased to
have closed on the sale of the gathering system interest which will
allow us to further focus our financial and management resources on
the exploration and development of our substantial leasehold
position in the Barnett Shale play." About Westside Energy
Corporation Houston-based Westside Energy is an oil and gas company
focused on exploiting its 81,431 gross (66,580 net) acres in the
prolific Barnett Shale trend in North Texas. For more information
about Westside Energy, please visit the Company's website
http://www.westsideenergy.com/. Forward-Looking Statements Certain
statements in this news release regarding future expectations,
plans for acquisitions and dispositions, oil and gas reserves,
exploration, development, production and pricing may be regarded as
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act. They are subject to various risks, such as
operating hazards, drilling risks, the inherent uncertainties in
interpreting engineering data relating to underground accumulations
of oil and gas, as well as other risks discussed in detail in the
Company's periodic reports and other documents filed with the SEC.
Actual results may vary materially. DATASOURCE: Westside Energy
Corporation CONTACT: Sean J. Austin, Vice President and CFO of
Westside Energy Corporation, +1-214-522-8990, ext. 1117 Web site:
http://www.westsideenergy.com/
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