ORLANDO, Fla., Nov. 7, 2007 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced that it has initiated research coverage on Gulf Western Petroleum Corporation (OTCBB:GWPC), an oil and gas company focused on the exploration and development of domestic petroleum and natural gas reserves in the United States.
Gulf Western Petroleum is an emerging oil and gas company with low-risk drilling opportunities primarily in Central Texas and Kansas. They have non-operating working interests in 15 wells targeting the Frio Sands in Central Texas that will come on line within the next one to two months and so will be showing revenue near-term. They are participating in higher potential plays in Texas targeting the Wilcox Zone near the proven Southwest Bonus fields and leases in the Cherokee Basin in southeast Kansas, the Mound Branch Prospect.
Clay Mahaffey, CFA, RedChip Research Analyst, reported:
"The major assets are the leases in central Texas targeting the Wilcox sands Oakcrest Prospect, a very prolific producing field for many years. A reserve study was done in 2006 for Wharton Resources by Sproule, an independent professional petroleum engineering firm. They determined that two of the drilling targets had proved reserves of 3.7 BCFeq and the other 15 targets had probable and possible reserves of an additional 27 BCFeq. On an unrisked basis and recent market valuation multiples of $15 per barrel, or $2.50/MCF, this gives a valuation of $1.35 per share, well over the recent trading price of $0.49. This excludes the other Texas, Kansas and Kentucky assets, justifying further interest."
To receive a complimentary copy of the RedChip Visibility Initial Research Report for GWPC, please visit:
http://www.redchip.com/visibility/about.asp?page=requestGWPC_initial
About RedChip Companies, Inc.
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DISCLOSURES
The analysts contributing to this report do not hold any shares of GWPC. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. Gulf Western Petroleum Corporation is a client of RedChip Visibility, a division of RedChip Companies. GWPC paid RedChip Visibility a fee of $30,000 for the RedChip Visibility Research Program, which includes this report. RedChip Visibility has been contracted by Gulf Western Petroleum Corporation to increase investor awareness of GWPC to the small-cap equity community. These services may include investor conferences and digital and print distribution of GWPC investor-related materials. In the purview of Section 17(b) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader's attention to the fact that the Company receives a fee of $10,000 per month and $15,000 of Rule 144 stock per quarter for RedChip Investor Relations.