DALLAS--(BUSINESS WIRE)--Thurston Energy LLC, the mid-sized, privately held Dallas-based oil and gas company, today announced continued rapid expansion of the company’s acreage, development, production, and jobs in the wake of its precedent-setting transaction with Chinese partners, Pearl Oriental Oil Limited.
“We’ve drilled five new wells, and recompleted four wells on leases currently held by production in our project in Utah. Subject to stable commodity prices and the world economic situation, Thurston Energy plans to expand its development budget 300% in 2012. In addition, Thurston Energy has expanded its leasehold position and increased acreage, all since our historic partnership with Hong Kong-based Pearl Oriental 18 months ago,” said Ralph Curton, Thurston Energy’s chairman and chief executive officer.
The company’s oil discovery in Utah’s Green River oil zone is expected to be significant – between half a million and a million barrels of oil. Pending drilling permits from the Department of Interior’s Bureau of Land Management, the company expects to drill another ten wells in Utah.
Curton added, “As a mid-sized company and the first ever to bring Chinese investor money to U.S. oil and gas operations on U.S. soil, we have an advantage over our larger competitors, while also making a contribution for the U.S. economy. It is a globalized market, but we have proved it flows both ways. By bringing Chinese funds to the U.S. to accelerate our exploration and development, I would estimate we have directly created 30 U.S. jobs, and indirectly support another 150.”
According to the U.S. Department of Treasury, Thurston Energy’s agreement with Pearl Oriental Oil Limited in 2010 marked the first time in history that a Chinese company and an American company consummated a transaction to “purchase and sale” and then develop an oil and gas project on U.S. soil. Other larger companies have followed suit, and Curton continues to pursue new agreements with global partners.
About Thurston Energy – Thurston Energy is a privately held, highly flexible oil and gas company with the competitive market responsiveness of a small firm along with the superior capital access of a large developer. The company’s diverse portfolio ranges from low-to-moderate-risk projects of $100 million to strategic joint ventures up to $1 billion. The company has operations in Texas, Colorado, and Utah. The U.S. Treasury identifies Thurston Energy LLC as the first U.S.-based oil and gas entity to complete an exploration and production venture on U.S. soil with a company based in China. For more information, visit www.thurstonenergy.com and Curton Calls, CEO and chairman Ralph Curton’s blog.