Gulf Onshore to Create Exploration Technology CompanyAugust 8, 2008
The wholly owned subsidiary will conduct research, development, and marketing of advanced technology for oil field equipment and services. GOI is also entering a joint venture with Terra Data Surveys that will permit it to market Terra Data's services.
DALLAS, TX /Marketwire/ -- Gulf Onshore Inc. (GOI) announces the formation of GOI Exploration Technologies Inc., a wholly owned subsidiary that will conduct research, development, and marketing of advanced technology oil field equipment and services.
The company has entered into a memorandum of understanding with Terra Data Surveys LLC, a Texas company that employs proprietary sensing technology and equipment to locate hydrocarbons through analysis of radiant energy. Terra Data's truck- and ATV-mounted sensing equipment is portable and can be used to efficiently test potential discoveries in isolated and remote areas. Terra Data's technology identified proven and undeveloped oil reserves on the company's properties in Shackelford Co., TX, and is being used in well analysis for the on-going Re-Work/Development Plan.
GOI and Terra Data are concluding a joint venture agreement that will permit GOI to market Terra Data's services worldwide, excepting the U.S. and Kingdom of Cambodia, and share in contract revenues. In addition, Terra Data will use its proprietary sensing technology to identify hydrocarbon locations on Gulf Onshore's Anderson Co., TX, oil and gas leases.
Among other products, GOI is developing a Wi-Fi mesh network, to permit remote online monitoring of oil and gas wells. AutoWellNet will use sensors located on producing wells, connected through a Wi-Fi cloud, to automatically report well activity and service requirements to operators or service providers. GOI anticipates AutoWellNet will help pumpers in scheduling preventative maintenance and identifying problems in the field, which should increase productivity by decreasing well downtime.
About Gulf Onshore
Gulf Onshore Inc. is an oil and gas company with a focus on oil and gas prospects and properties that require further development. Gulf is careful to develop a thorough drilling plan using advanced technologies in both mapping and the use of 3D seismic reports and information.
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