Gulf Coast Energy Resources Establishes New Exploration and Production Company With Up to $250 Million of Financing From Warburg Pincus

HOUSTON, Nov. 3, 2010 /PRNewswire/ -- Gulf Coast Energy Resources, LLC,  (the "Company"), a privately-held company focused on conventional onshore oil and gas plays, today announced that Warburg Pincus and the management team have agreed to invest up to $250 million in the Company.  Gulf Coast Energy Resources expects to create value through the exploration of proven hydrocarbon trends utilizing advanced seismic technology augmented by the acquisition and exploitation of producing fields across the Gulf Coast of Texas and Louisiana.

Gulf Coast Energy Resources President and CEO Kevin Guilbeau said, "This initial investment marks the first major step in the development of our company. Having a partner of the caliber and experience of Warburg Pincus gives us great confidence in the strength of our business plan, and we look forward to working with them closely as we become a leader in the sector."

Jeffrey Harris, Managing Director of Warburg Pincus, commented, "We are thrilled to have the opportunity to partner with Kevin Guilbeau and Gulf Coast Energy Resources' highly experienced management team as they work to build a leading exploration and production company in the Gulf Coast region."

The management team consists of:

About Gulf Coast Energy Resources:

Gulf Coast Energy Resources, LLC, (doing business in Texas as GCE Resources, LLC) is a private-equity backed exploration and production company that was formed in 2010 and headquartered in Houston, Texas.  The Company's strategy is to acquire, exploit, and explore for oil and gas in the Gulf Coast region of Texas and Louisiana.  Contact Gulf Coast Energy Resources at 713-652-6700 or visit the Company's website at www.gcerllc.com

About Warburg Pincus:

Warburg Pincus is a leading global private equity firm.  The firm has more than $30 billion in assets under management.  Its active portfolio of more than 110 companies is highly diversified by stage, sector and geography.  Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $35 billion in over 600 companies in more than 30 countries.

Warburg Pincus has been the lead investor in numerous exploration and production companies providing over $3.0 billion of equity for early stage companies involved in oil and gas exploration and production, including: Antero Resources, Bill Barrett Corporation, Broad Oak Energy, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, and Spinnaker Exploration.  

The firm has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Sao Paulo and Shanghai. For more information, please visit www.warburgpincus.com.

SOURCE Gulf Coast Energy Resources, LLC

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