NEW ORLEANS--(BUSINESS WIRE)--Barrell Energy, Inc. announces the development of the Gulf Coast Storage Network.
Barrell Energy announced today that it is developing the Gulf Coast Storage Network (GCSN), which currently consists of four carbon sequestration sites along the Gulf Coast in Louisiana and Texas.
Barrell Energy President Kirk Barrell said, "Carbon sequestration is rapidly emerging as a current technological solution for the permanent storage of CO2. We believe it is a key pillar in this new era of 'Energy Expansion and Diversification.'"
With 37 years of geological experience across the Gulf Coast, Barrell Energy has performed extensive evaluation of multiple sequestration sites targeting Miocene, Frio, Wilcox, and Cretaceous reservoirs in Louisiana and Texas.
Barrell stated, "While the Gulf Coast contains a large volume of carbon dioxide emissions, it also contains world-class reservoirs for the permanent storage of CO2. We look forward to obtaining partners for our expanding network of geologically-superior and geographically-focused sites across the region."
Barrell Energy, Inc. is a privately held energy company actively engaged in projects spanning oil, natural gas, solar, carbon dioxide, and brine minerals. The company has closed $432 million of transactions over the past eleven years. Barrell Energy was founded in 1997 by Kirk Barrell. The company leverages its 37 years of geological and geophysical experience to obtain strategic positions in energy projects.
CAUTIONARY STATEMENT: This press release contains forward-looking statements about energy project development. The accuracy of these statements depends on assumptions about events that change over time, and is thus susceptible to periodic change based on actual experience and new developments. Barrell Energy, Inc. does not assume any obligation to update or publicly release any revisions to these forward-looking statements, and, except to the extent required by applicable law, does not intend to update or otherwise revise these statements. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of commodities, drilling results, CO2 storage expectations, the ability to satisfy future cash obligations and environmental costs, and other general development risks and hazards.
