CRIMSON EXPLORATION (OTC:CXPI)
Industry: Basic Materials
Crimson Exploration Inc., incorporated in 1987, is primarily engaged in the acquisition, development, exploitation and production of crude oil and natural gas, primarily in the onshore producing regions of the United States. Substantially all of the Company's properties are located onshore or shallow inland waters in Texas, Colorado and Louisiana. At December 31, 2005, Crimson Exploration owned a total of 246 gross wells, of which 143 were producing, 84 were shut-in or temporarily abandoned and 19 were injection or saltwater wells. The Company owned an average 85% working interest in the 143 gross (122 net) producing wells. At year-end 2005, Crimson Exploration's part of the estimated proved reserves these properties contained was approximately 2.7 million barrels of oil and 24.7 billion cubic feet of natural gas. In 2005, Crimson Exploration drilled two wells in Texas and participated for a 25% working interest in one offshore well. One was drilled in the Company's Iola field in east Texas and it was completed as a gas well in March 2005, which had an initial net rate of 800 thousand cubic feet of natural gas equivalent per day (mcfepd) and declined to 200 mcfepd by year-end 2005. Crimson Exploration participated in a 40% working interest in an exploration well in south Texas and it was unsuccessful. The Company participated for a 25% working interest in an offshore well at Mustang Island 749. Efforts were underway at year-end to flow back the Mustang Island 749 exploratory well, drilled earlier in the year, to finally determine if commercial quantities of gas were present. On June 29, 2005, the Company's predecessor, GulfWest Energy Inc. (GulfWest), merged with and into Crimson Exploration Inc. for the purpose of changing the Company's state of incorporation from Texas to Delaware (the Reincorporation). The Reincorporation was accomplished pursuant to an Agreement and Plan of Merger, dated June 28, 2005, which was approved by GulfWest's shareholders at the 2005 Annual Shareholders' Meeting held June 1, 2005. On January 5, 2006, the Company formed Crimson Exploration Operating, Inc. as its wholly owned subsidiary through which all oil and gas operations will be conducted. Effective March 2, 2006, Crimson Exploration merged all its subsidiaries, with the exception of LTW Pipeline Co., into this newly formed corporation. LTW Pipeline Co. remains an inactive subsidiary of Crimson Exploration Inc. Prior to March 2, 2006, the Company had six active subsidiaries: GulfWest Oil and Gas Company, GulfWest Oil and Gas Company (Louisiana) LLC, SETEX Oil and Gas Company, RigWest Well Service, Inc., DutchWest Oil Company and GulfWest Development Company. GulfWest Oil and Gas Company was the owner of record of interests in certain crude oil and natural gas properties located in Colorado and Texas. It had one wholly owned subsidiary, GulfWest Oil and Gas Company (Louisiana) LLC. GulfWest Oil and Gas Company (Louisiana) LLC was the owner of record of interests in certain crude oil and natural gas properties in Louisiana. SETEX Oil and Gas Company was the operator of crude oil and natural gas properties in which Crimson Exploration owns a majority working interest. RigWest Well Service, Inc. operates well servicing equipment for the Company's own account and for others when not being utilized by Crimson Exploration. DutchWest Oil Company was the owner of record of interests in certain crude oil and natural gas properties located along the Gulf Coast of Texas. GulfWest Development Company was the owner of record of interests in certain crude oil and natural gas properties located in Texas and Mississippi. On March 22, 2006, Crimson Exploration purchased a 100% working interest (75% net revenue interest) in leases on approximately 22,000 undeveloped acres in Culberson County Texas. The acreage, believed to contain producible reserves in the Barnett Shale and Atoka formations, is being acquired through the Company's acquisition, by merger, of Core Natural Resources, Inc., a privately held entity that was incorporated solely
As Of: 10/07 00:00 ET
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