DALLAS, Aug. 21, 2014 /PRNewswire/ -- TransCoastal
Corporation (OTCQB: TCEC), ("TransCoastal"), an independent energy
development company, announced today the initial results of their
Proved Developed Non-Producing ("PDNP") well development program
that began on August 1, 2014.
The Company has recompleted six of its PDNP wells from its PDNP
well inventory that encompasses $83
million of the $204 million in
Company estimated proved reserves. The initial production of
the reworked wells on average is 5bbl/day and 6mcf/day per well,
which the company believes is in line with engineering
projections.
"We are very excited about the initial results of our
development program, as we continue to fulfill our business model
by monetizing our assets," said Andy
Westmoreland, President of Operations.
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