The wells are producing at expected levels, while the company has started drilling program in the Orange Dome field in 2012.

The company is planning for further development on acreage it has under lease in the area, which is expected to hold good reserve potential.

Gulf Coast Western CEO Matthew Fleeger said the results from initial wells are encouraging the company to proceed with further development opportunities in the Orange Dome field.

"The opportunity to drill in such close proximity to Spindletop and further develop this field is very exciting for us," Fleeger added.

Gulf Coast Western ho0lds oil and gas reserves in Gulf Coast region, and has activities in Texas, Louisiana, Mississippi, Oklahoma, and Colorado.