West Texas Resources, Inc. Announces Acquisition of Port Hudson Interest
15 Août 2013 - 5:03PM
Marketwired
West Texas Resources, Inc. (OTCQX: WTXR), a
Texas-based independent oil and gas company, today announced its
acquisition of a 7.24625% working interest in the oil and gas
leases, wells and attendant production in the Port Hudson field,
Baton Rouge Parish, Louisiana, for total consideration of $702,900.
The Port Hudson field has three producing wells that have
produced a total of 1.1 million bbls to date with estimated total
remaining recoverable proved developed producing reserves of
294,000 bbls, and 229,000 bbls of proven developed behind pipe
reserves. The wells are currently producing 290 bbls per day. West
Texas' working interest is subject to certain overriding royalty
interests, subject to which West Texas has a 5.65207% net revenue
interest in the Port Hudson field.
According to Stephen Jones, CEO of West Texas Resources, "We are
pleased and excited to have closed the Port Hudson transaction. The
transaction represents our first meaningful oil and gas
acquisition. Our working interest provides us with a substantial
amount of net reserves and the cash flow from production should put
us close to break-even on a cash flow basis."
Forward-Looking Statements:
This press release contains forward-looking statements
concerning West Texas Resources, Inc. within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Those
forward-looking statements include statements regarding our
expectations for the continued production of the wells in the Port
Hudson field and the potential profitability of our interest in the
Port Hudson field. Such statements are subject to certain risks and
uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements. Factors that could cause or contribute to differences
include, but are not limited to, the risk that the Port Hudson
field may not maintain its present level of production, the risk
that we may incur unexpected expenses that renders our interest
unprofitable regardless of the level of production and those other
risks set forth in West Texas Resources' annual report on Form 10-K
for the fiscal year ended September 30, 2012 filed with the SEC on
January 14, 2013 and subsequently filed quarterly reports on Form
10-Q. West Texas Resources, Inc. cautions readers not to place
undue reliance on any forward-looking statements. West Texas
Resources, Inc. does not undertake, and specifically disclaims any
obligation to update or revise such statements to reflect new
circumstances or unanticipated events as they occur.
Contact: Stephen Jones CEO West Texas Resources, Inc.
972.712.1039
West Texas Resources (PK) (USOTC:WTXR)
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