2007-04-12 18:53:07 -
DALLAS, April 12 /PRNewswire-FirstCall/ -- Westside Energy Corporation , 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 reported that the Company and its Hill County joint exploration agreement partner, Forest Oil Corporation , have amended the terms of the original agreement. The amended agreement provides that, for a nine-month period commencing with the initiation of drilling operations on the next Hill County joint venture well, Forest will act as operator
of all wells drilled pursuant to the agreement, irrespective of the party that originally held rights with respect to the acreage on which wells are drilled during the nine-month period.
This amendment was made in recognition of the fact that Forest has fully staffed drilling and land departments to address our joint, near-term needs in Hill County and that they have contributed one of their quality rigs to execute the 2007 joint drilling program. This will facilitate a concentrated effort by Westside staff on furthering our strategy in Ellis County as well as in our North and Southwest Program areas.
Management Changes
The Board of Directors of Westside Energy elected the Chief Executive Officer, Douglas G. Manner, to the additional positions of President and Chief Operating Officer, concurrent with the resignation of Mr. Jimmy D. Wright as a Director and Executive Officer of the Company. Mr. Wright plans to pursue other business opportunities. Mr. Wright, under a consulting agreement, will advise the Company on certain operational matters on a limited basis. For the time being, the Company's Board of Directors will remain at five members.
Management Comment
Mr. Manner said: "The Shareholders, Directors and Employees of Westside are most appreciative of Jim's dedication and contribution to the success of the Company. As a co-founder of Westside, it was his vision that identified the potential value of the Barnett Shale, particularly in Hill County. His drive and effort led to securing an outstanding industry partner and formalizing a development plan for this high potential area. We wish him great success in his future endeavors."
Mr. Wright said: "With our leasehold position in the Barnett Shale securely established, the joint partnership with an experienced operator in place, the Hill County drilling program nearing completion of its second well and a robust drilling program budgeted and funded for the remainder of 2007, the time is right for me to reduce my involvement with the Company which will allow me the opportunity to pursue other business interests. I have full confidence in the team we have assembled and the strategy we have developed. I look forward to the continued growth and success of the Westside story."
About Westside Energy Corporation
Dallas-based Westside Energy is an oil and gas company focused on exploiting its significant acreage position 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.
Source: Westside Energy Corporation
