December 22, 2014 8:47 PM ET

Oil, Gas and Consumable Fuels

Company Overview of TransCoastal Corporation

Company Overview

TransCoastal Corporation is engaged in the acquisition, exploration, development, and production of oil and natural gas properties. It holds interests in approximately 100 acquired or divested wells; and 200 undeveloped locations covering approximately 6000 acres of leased oil and gas property located primarily in the panhandle area of west Texas. The company was founded in 1998 and is based in Dallas, Texas.

17304 Preston Road

Suite 700

Dallas, TX 75252

United States

Founded in 1998

21 Employees





Key Executives for TransCoastal Corporation

Age: 50
Total Annual Compensation: $120.0K
Age: 50
Total Annual Compensation: $120.0K
Age: 52
Total Annual Compensation: $120.0K
Compensation as of Fiscal Year 2013.

TransCoastal Corporation Key Developments

TransCoastal Corp Enters into Joint Venture Agreement with Core Resource Management Incorporated to Drill 10 Wells in Core Area

TransCoastal Corp. announced that it has entered into a joint venture agreement with Core Resource Management Incorporated, to drill up to 10 wells on TransCoastal's Pampa, Texas acreage. The agreement stipulates that CRMI will fund 100% of the drilling and completion costs of up to $475,000 per well. Any additional drilling and completion expenses for each well will be split 60% to TransCoastal and 40% to CRMI. Upon completion, each party will have a 50% working interest in each well. The net revenue interest will be split 42.6% to CRMI and 28.4% to TransCoastal until each well's drilling and completion costs are paid back. Afterwards, each party will have a 35.5% net revenue interest in each well. CoreTerra Operating, a subsidiary of TransCoastal, will be the official operator of each well.

TransCoastal Corporation Enters into Loan Agreement and Promissory Note with Dalton Lott

TransCoastal Corporation has entered into a loan agreement and promissory note with Dalton Lott, an individual effective June 30, 2014. The principle of the note is $1,500,000 with 5.5% simple annual interest for a term of six years. The company will pay no interest or principal on the note until January 1, 2015. The company will make interest only payments of $6,875 monthly, due on the first day of each month, beginning January 1, 2015 and each month thereafter until September 30, 2015. Beginning October 1, 2015 the company will begin to pay principal and interest on the note in 60 consecutive monthly payments of $28,651.74 each and due on the first of each month thereafter. The note can be prepaid at any time with no penalty. The note is personally guaranteed by three directors and officers of the company, Stuart Hagler, David May and Wilbur Westmoreland.

TransCoastal Corporation Announces Auditor Changes

Rothstein Kass & Company, P.C., the independent certified public accountants who had been engaged by TransCoastal Corporation as the principal accountant to audit the company's consolidated financial statements, informed the company that it must resign as the company's auditor. The company's board of Directors approved Whitley Penn, LLP as the Company's new principal independent certified public accountants to audit the Company's consolidated financial statements for the year ended December 31, 2014.

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