CanTex Energy Corp Increases Its Ownership in Val Verde Basin, TX; 6,000 Acre Lease on Big Canyon Prospect
26 February 2011 - 6:06AM
Marketwired
CanTex Energy Corp. (PINKSHEETS: CTXE)
announced today that, it has acquired additional working interest
increasing its leasehold up to 29% of the 6,000 acre lease. Bruce
Scambler, CEO, is hopeful that with this increased holding and
raising $2.4M of drilling capital the next few months will see
CanTex start and complete a well in the West Texas Overthrust, Val
Verde Basin, Terrell County, Texas. The initial well will hold all
of the 6,000 lease acreage, and is anticipated to allow CanTex to
further increase its acreage position. CanTex anticipates reduction
by $0.5M on the previously reported Slawson AFE of $2.9M
(completed) using a more mobile drilling rig and faster penetrating
drill bits. Permitting is scheduled for 3rd quarter 2011.
About CanTex
Energy CanTex Energy Corp. is a rapidly
growing diversified independent energy company with new projects
from development of up to 180 MW Texas wind power to Texas and
Oklahoma oil and gas development and exploration. CanTex has
company offices in Oklahoma City, Dallas, and San Antonio, Texas.
For more information see www.cantex.us.
CanTex Energy Corp. is a Non-Reporting Company, quoted on the
Pink Sheets, having filed a Form 211 pursuant to Rule 15c211 under
the Exchange Act, with the NASD Compliance Unit. For real-time
quotes, how to trade pink sheet stocks, how to protect yourself and
additional stock information, please see www.pinksheets.com.
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE
STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS
THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS IN THE PRIVATE
SECURITIES LEGISLATION REFORM ACT OF 1995. FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, WHICH
MAY CAUSE CANTEX ENERGY'S ACTUAL RESULTS IN FUTURE PERIODS TO
DIFFER MATERIALLY FROM FORECASTED RESULTS. THESE RISKS AND
UNCERTAINTIES INCLUDE, AMONG OTHER THINGS: THE POTENTIAL THAT NO
COMMERCIAL QUANTITIES OF OIL ARE FOUND OR RECOVERABLE, THE PRICE OF
OIL AND GAS, GEOLOGICAL PROBLEMS THAT PREVENT US FROM REACHING
DRILLING TARGETS AND SPECIFIC RISKS SUCH AS THE COMPANY'S ABILITY
TO RAISE FINANCING AND RISKS INHERENT IN CANTEX ENERGY'S
OPERATIONS. THESE AND OTHER RISKS ARE DESCRIBED IN CANTEX ENERGY'S
FORM 15C211 AND OTHER FILINGS WITH THE NASD AND SECURITIES AND
EXCHANGE COMMISSION.
Contact: CanTex Energy Corp. 6301 Waterford Blvd. Ste. 403
Oklahoma City, OK 73118 (405) 601-9745
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