Texas Gulf ‘s primary assets include leases, options and interests in 19 oil wells throughout the Austin Chalk near Luling, Texas, as well as options on wells to be drilled or re-entered in three leases identified as the Tilmon, Lay and Rodenberg.
The company will also provide well services to other firms and individual oil well owners.
The transaction to acquire Texas Gulf from private equity firm Corporate Strategies Merchant Bankers is expected to be completed by the end of this month.
Texas Gulf president Damon Wagley said with the backing and resources provided by Global NuTech, Texas Gulf can expand its services and capabilities in upstream oil and gas rapidly in 2012.
