West Texas Resources, Inc. Announces Acquisition of Birnie Field Interest in the Palo Duro Basin
(firmenpresse) - FRISCO, TX -- (Marketwired) -- 09/23/14 -- . (OTCQB: WTXR), a Texas-based independent oil and gas company, today announced its acquisition of a 10% working interest (7.5% net revenue interest) in a natural gas prospect located in the Birnie field in Motley County, Texas. The working interest concerns 5,760 leased acres in the Palo Duro Basin prospect. The operator and leaseholder is Escopeta Oil and Gas Corporation. The operator intends to commence drilling the Cogdell #1-02 well to test the Upper Permian Cogdell Formation. The Cogdell #1-02 will offset the Cogdell #1-01 well drilled in 2003 by Legacy Exploration.
According to Stephen Jones, CEO of West Texas Resources, "The Palo Duro Basin presents significant opportunities for oil and gas development. We are pleased with this acquisition and we are very excited to be a part of this project."
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 Company's interest in the Birnie 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 Birnie field may not be as productive as currently believed, the risk that the Company's leased properties in the Birnie field may not include oil and gas reserves that can be exploited on commercially reasonable terms, and those other risks set forth in West Texas Resources' annual report on Form 10-K for the fiscal year ended September 30, 2013 filed with the SEC on January 14, 2014 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.
214 868-3939
J.D. Kerr
CFO
West Texas Resources, Inc.
972-832-1831
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Datum: 23.09.2014 - 15:50 Uhr
Sprache: Deutsch
News-ID 338405
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FRISCO, TX
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Oil & Gas
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