Global NuTech acquires Texas Gulf Oil and Gas
HOUSTON -- Global NuTech, Inc. announced that the company has acquired 100% of the stock of Houston, Texas 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. David Mathews, CEO of Global NuTech, said, "Texas Gulf Oil & Gas provides us a platform to expand vertically in the energy markets, specifically in energy services, exploration and production. 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."
Tim Connolly, CEO of Corporate Strategies added, "We are quite impressed with the team that has been assembled by Global NuTech and see a bright future ahead for the company. Management's successful track record is the single greatest factor that convinced us to sell Texas Gulf Oil & Gas to the company."
02/01/2012