Striking rich in oil business

Gerry McGann, of Incremental Oil and Gas Ltd. Picture: Matt Jelonek        www.communitypix.com.au   d440866
Gerry McGann, of Incremental Oil and Gas Ltd. Picture: Matt Jelonek        www.communitypix.com.au d440866

The only oil and gas producing company in Fremantle, it holds assets in a number of locations in the United States, and recently added to its collection with the $6.3 million purchase of a new asset in Wyoming.

The company�s technical director Gerry McGann said it was a challenging time to be a small business in the industry, but that the new asset was a great buy.

�The new acquisition has the potential to more than double the size of Incremental,� he said.

�We currently produce about 185 barrels of oil per day, and the new Wyoming project adds in excess of 360 barrels of oil equivalent per day.

�It has been challenging to be in the oil business in the last year and as a small business, it is a challenge to compete in this market.

�However we feel confident that we are in the right geographical market and in a strong industry that provides significant opportunity, especially at present when many other smaller firms are struggling.�