West Texas Resources, Inc. Announces Update on Eastland County Prospect
(firmenpresse) - FRISCO, TX -- (Marketwire) -- 02/25/13 -- (OTCQB: WTXR), a Texas-based independent oil and gas company, today announced an update on its oil and gas prospect in Eastland County, Texas.
The Company owns a 31.25% working interest in an exploratory oil and gas drilling prospect covering 120 acres in Eastland County, Texas. The Eastland County prospect includes two exploratory wells, known as Rutherford #1 and C.M. Knott #1, both of which had been operating at a minimum level required to maintain the lease rights. The operator re-entered the Rutherford #1 well and conducted drilling and casing activities. Subsequently, GasFrac, Inc., of Kilgore, Texas, conducted the fracture stimulation of the Rutherford #1. After running off the liquefied gas used to conduct the fracture stimulation and an evaluation by the operator, the Rutherford #1 was placed on a pump on February 15, 2013 and has commenced production of oil and natural gas. To date, the Rutherford #1 has initial production of approximately 9 BBLS of oil and 28 MCF of natural gas per day.
According to Stephen Jones, CEO of West Texas Resources, "We are pleased with the initial production to date. Although the initial results are not sufficient to form a long-term view on the expected production, it appears that the Rutherford #1 will be a profitable well for our company."
West Texas Resources is a Texas-based independent oil and gas company engaged in secondary enhanced oil recovery projects, exploratory drilling, and production of crude oil, natural gas liquids and natural gas in the onshore United States.
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 our Rutherford #1 well and the potential profitability of that well. 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 Rutherford #1 well may not maintain its present level of production, the risk that we may incur unexpected expenses that renders the well as 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 ph
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Datum: 25.02.2013 - 16:01 Uhr
Sprache: Deutsch
News-ID 232930
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FRISCO, TX
Kategorie:
Oil & Gas
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