Published: February 19, 2016 |

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Northcote Energy told investors it has hired Jay Wettig as its new vice president with a mandate to maximizing the value of its Oklahoma portfolio.

Having pursued a potential sale of the whole portfolio, the company says it recently shifted toward discussions about joint venture partnerships.

Such a deal could see outside capital and expertise brought in to development of mature oil fields.

Discussions over possible joint ventures are now continuing, the company said.

Wettig’s role will be to focus on cutting costs in Oklahoma and restructure operations to significantly improve production and financial performance in the current market.  He will also focus on possible exit opportunities for non-core assets, as well as evaluating partnering opportunities.

“We are excited about the addition of Mr Wettig to our management team,” said Randall Connally, chief executive.

“He brings a lot of hands-on experience and energy to the task of maximizing value from the Oklahoma portfolio whether that is through an eventual sale or continued development of certain of the assets.

“I look forward to reporting back to the market in due course after the Board has a chance to digest the evaluation Mr. Wettig is leading.”

Source: (February 17, 2016) Proactive Investors

About Northcote Energy
Northcote Energy Ltd is a US focused oil & gas company with a balanced portfolio of new exploration and exploitation opportunities blended with a stable of existing producing wells primed for high impact development. The primary focus is on Mississippi Lime formation in Oklahoma, where new technologies and techniques including horizontal drilling have re-opened the oil play and which has seen US majors such as Chesapeake Energy, Devon Energy Corp. and SandRidge Energy build a strong presence.

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