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Global NuTech Acquires Texas Gulf Oil and Gas
By: TexasBusiness.com Posted: Friday, February 3, 2012 12:03 am
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Texas Business reports: HOUSTON—Global NuTech Inc. acquired 100% of the stock of Houston-based Texas Gulf Oil & Gas Inc.
The acquisition from private equity firm Corporate Strategies Merchant Bankers includes individual oilfield producing assets and options throughout the Austin Chalk and near the Eagle Ford shale play in Texas.
These assets include leases, options and and working interests in 19 oil wells throughout the area and additional options to invest in wells to be drilled or re-entered in three leases identified as the Tilmon, Lay, and Rodenberg.
“Texas Gulf Oil & Gas provides us a platform to expand vertically in the energy markets, specifically in energy services, exploration and production,” said Global NuTech chief executive David Mathews said in a prepared statement. “The President of Texas Gulf, Damon Wagley, brings many years of experience and a qualified team to expand the company's service and exploration business. The Wagley family first entered the oil and gas business in 1952, and brings a wealth of knowledge, experience and relationships that extend from central Texas to the North Sea. We are quite fortunate to have Damon Wagley's oil field experience and leadership to build Texas Gulf Oil & Gas on a fast track in 2012.”
“We are quite impressed with the team that has been assembled by Global NuTech and see a bright future ahead for the company,” said Corporate Strategies chief executive Tim Connolly in a statement. “Management's successful track record is the single greatest factor that convinced us to sell Texas Gulf Oil & Gas to the company.”
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