Petrosearch Energy Corp.

Transaction Type
Sellers
Marketers
Post Date
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0MM
Description

Petrosearch Energy Corp., Houston, (OTCBB: PTSG) plans to seek strategic alternatives for its interest in DDjet Ltd. LLP, which holds assets in the Barnett shale of Texas. DDjet assets include leasehold acreage, existing wells, equipment, pipelines and rights of way in the Barnett shale region of the Fort Worth Basin. Petrosearch holds a 5.5445% limited-partnership interest in DDjet. DDjet is a partnership of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) and Harding Co., Dallas, formed in December 2006 to develop gas in the Barnett shale. DDjet is an acronym for the five focal counties: Dallas, Denton, Johnson, Ellis and Tarrant. Petrosearch has retained Friedman, Billings, Ramsey & Co. Inc. as advisor. Petrosearch president and chief executive Richard Dole says, "Given the appetite in the industry for quality Barnett shale assets, as evidenced by recent transactions in the region, we plan to pursue all the options this situation affords to Petrosearch." Petrosearch is focused on the Barnett shale and the Anadarko Basin of the North Texas Panhandle. Contact Petrosearch at 713-334-5123.