Westside Energy (WHT)

[Golden Cross]

Westside Energy in Joint Venture
Monday July 17, 10:07 am ET
Westside Energy Jointly Developing 17,000-Acre Oil Field in North Texas


HOUSTON (AP) -- Westside Energy Corp. on Monday said it is in a joint venture with an unnamed "large, U.S.-based oil and gas producer" to develop about 17,000 acres in Hill County, Texas.
Westside, an oil and gas producer focused on the Barnett Shale of North Texas, said the two companies will each assign one another 50 percent interests in certain of their properties. Each will operate the wells drilled on their respective acreage.

The rig for the first joint well is now drilling.

Financial terms of the venture were not disclosed.

Hill County is located south of Dallas and north of Waco, Texas.

Westside Energy rose 34 cents, or 11.2 percent, to $3.41 in morning trading on the American Stock Exchange. The stock has traded between $2.30 and $4.50 over the past year.