Gulf Coast Energy Resources Acquires Producing Assets and Exploration Portfolio in the Texas Wilcox Trend

HOUSTON, Jan. 18, 2011 /PRNewswire/ -- Gulf Coast Energy Resources, LLC today announced it has acquired, through its subsidiary GCER Onshore, LLC, producing assets and an exploration portfolio in the Texas Wilcox Trend from a private company for $95 million.  These assets currently produce net 10 million cubic feet of gas per day (MMCFGD) and 170 barrels of oil per day (BOPD).  Gulf Coast Energy Resources plans to drill several wells in 2011.

Gulf Coast Energy Resources President and CEO Kevin P. Guilbeau said, "This asset acquisition provides us with a foundation for growth and accelerates our business strategy.  We plan to continue an aggressive exploration and acquisition program in 2011."

Also, please note that effective January 24, 2011, the Company's address will change to:

About Gulf Coast Energy Resources:

Gulf Coast Energy Resources, LLC, (doing business in Texas as GCE Resources, LLC) is a Warburg Pincus 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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