DALLAS, Aug. 14, 2014 /PRNewswire/ -- TransCoastal
Corporation (OTCQB: TCEC), ("TransCoastal"), an independent energy
development company, announced today that they, on behalf of the
joint venture with Core Resource Management Inc. ("Core") have
chosen the first three well locations and the joint venture has
received Core's capital contribution in the amount of $1,425,000 which has provided sufficient working
capital to drill and complete the first three wells.
The three locations, known as the LJL Farms 223, 226 and 227,
were handpicked by TransCoastal's management team based upon the
historical success of their recent completions and currently
producing wells in the same field. The anticipated spud date
for the first well is early September.
"We are excited about this new drilling partnership. If these
three wells come in anything like the wells we drilled last year in
this same field, it will be a great start for both companies," said
Andy Westmoreland, President of
Operations for TransCoastal. "We are eager to begin drilling these
new wells."
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