DALLAS, Nov. 13 /PRNewswire-FirstCall/ -- Westside Energy Corporation (AMEX:WHT), an oil and gas company with operations focused on the acquisition, exploration and development of natural gas in the Barnett Shale play in North Texas, today announced the sale of its 16.67% interest in the Tri-County Gathering System. The pipeline interest was included with the acreage and producing wells acquired by Westside earlier this year. Westside received $5 million in net proceeds for the pipeline interest, which will be used to reduce outstanding debt and to fund a portion of planned drilling and development activities.
Management Comment Douglas G. Manner, Westside's Chief Executive Officer said: "We are pleased to have closed on the sale of the gathering system interest which will allow us to further focus our financial and management resources on the exploration and development of our substantial leasehold position in the Barnett Shale play." About Westside Energy Corporation Houston-based Westside Energy is an oil and gas company focused on exploiting its 81,431 gross (66,580 net) acres in the prolific Barnett Shale trend in North Texas. For more information about Westside Energy, please visit the Company's website http://www.westsideenergy.com/.
Forward-Looking Statements Certain statements in this news release regarding future expectations, plans for acquisitions and dispositions, oil and gas reserves, exploration, development, production and pricing may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's periodic reports and other documents filed with the SEC. Actual results may vary materially. DATASOURCE: Westside Energy Corporation CONTACT: Sean J. Austin, Vice President and CFO of Westside Energy Corporation, +1-214-522-8990, ext. 1117 Web site: http://www.westsideenergy.com/
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