NEW CENTURY ENERGY (OTC:NCEY)
Industry: Basic Materials
New Century Energy Corp. (New Century), formerly known as Vertica Software, Inc., incorporated on April 18, 1997, is engaged in the acquisition, development, operation and exploration of oil and natural gas properties in the Gulf Coast region of the United States, primarily in Texas. The Company's daily deliverability is approximately 350 thousand cubic feet (Mcf) per day of natural gas and 80 barrels per day (Bpd) of oil production. Of the properties that it operates operate, its working interest ranges from 50% to 100%. On September 30, 2004, the Company acquired all of the issued and outstanding common stock of Century Resources, Inc. (Century), which was originally established for the acquisition, development, production, exploration and the sale of oil and natural gas in Texas. On November 1, 2004, the Company changed its name to New Century Energy Corp. Prior to the acquisition of Century, the Company's main focus was the development of Internet/intranet software products and services, and an Internet Website for the hazardous material and environmental industries. New Century's Website, ErcSolutions.net (formerly hazweb.com), provides regulatory compliance solutions and Web enabling technologies for the hazardous materials and hazardous waste industries. The Company targets a wide variety of companies and organizations with its products, including oil and gas, chemical, petrochemical, hazardous waste, transportation and governmental agencies, and municipal bodies. ErcSolutions.net was designed to serve needs of companies and individuals that produce, use, process, transport or dispose of all types of hazardous materials. The Website provides news, information and application services that help address the environmental concerns of hazardous material professionals. While the Company still operates the hazardous material Internet through its wholly owned subsidiary, ERC Solutions, Inc., the Company's main business focus is oil and gas exploration and production. In October 2003, New Century executed a right of first refusal-exploration agreement (Exploration Agreement) with Viking International Petroleum, LLC. (Viking). Viking holds a license to 118 square miles of three-dimensional (3-D) data in Wharton and Jackson counties, Texas. Under the Exploration Agreement, Viking will present to the Company drillable, seismically defined prospects, which the Company shall lease and either drill for its own account or promote to industry partners. Initially, the Viking agreement included five prospects, but it has since been expanded to include approximately 25 separate prospects. The Company has acquired its first two oil and gas leases relating to the Exploration Agreement. Both leases are paid-up leases. New Century has an ongoing oil and gas leasing program in Waller County, Texas, in the area of the Brookshire Dome Field. The Company has acquired 26 new leases in Waller County where exploration and development drilling is planned. The earliest lease expiration date is July 1, 2005, with most of the remaining leases expiring on September 5, 2005. These leases are subject to the provisions of an agreement with Aquatic Cellulose International Corporation (Aquatic). In March 2004, the Company entered into an exploration agreement with Aquatic. Under the Aquatic agreement, Aquatic purchased a 20%-working interest and 16% net revenue interest in the Hamill Lease in the South Sargent Field effective March 1, 2004. In June 2004, New Century acquired leases in the Prado Field comprising 1280 acres in Jim Hogg County, Texas. The former owner was JMI Energy Inc., of Houston, Texas. There are four active wells on this lease and 20 inactive well bores. In July 2004, under the terms of the Aquatic agreement, Aquatic exercised its option to participate for a 50%-working interest in this acquisition by purchasing a 50%-working interest from New Century. The Prado prospect can be characterized as an infill drilling and field extension program. New Century owns licenses to 3-D seismic surveys and data over the South Sa
As Of: 10/07 00:00 ET
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