WestSide Corporation Limited and its JV partner Mitsui E&P Australia Pty Limited have emerged as a new force in Queensland coal seam gas after finalizing their acquisition of the Dawson CSG fields.

WestSide's USD 26.8 million acquisition of its 51% operating stake transforms it from a gas explorer into one of Queensland's largest dedicated ASX listed CSG producers and operators. The change in ownership has necessitated a renaming of the gas field which will now be known as the Meridian SeamGas field. The name reflects the 150° Meridian Line which passes through the gas fields.

Mr Angus Karoll chairman & CEO of WestSide said that he was extremely pleased to confirm the completion of the purchase which was announced on December 30th 2009 when initial agreements were reached. He added that "This acquisition is the most significant event since WestSide listed in 2007, transforming us from an explorer into a gas producer and operator in joint venture with Mitsui, a global leader in LNG."

Mr Karoll said that "WestSide is extremely positive about our prospects now that we have completed what we believe is a very well-priced purchase of an asset that has enormous potential."

Mr Karoll said that WestSide and Mitsui would now pursue an expansion program targeting a significant increase in field production and gas reserves. He added that "The ultimate goal for the joint venture is to export LNG and to supply new domestic contracts from 2015 when the current supply contracts that are in place will finish."

Mr Karoll said a WestSide team was now operating the Meridian SeamGas field and had been onsite for some weeks familiarizing themselves with the operations to ensure a seamless transition.