SPRING, Texas, Feb. 18, 2015 /PRNewswire/ -- Texhoma
Energy, Inc. ("Texhoma") (OTC
Pink: TXHE) today announces that it has entered into an agreement
with Kris Kon A/S Denmark
("Kris Kon") to acquire USD
$500,000 of oil and gas assets by
March 1, 2015, and has further agreed
that Texhoma will acquire, with
the assistance of Kris Kon, an
additional USD $3.5 million in oil
and gas assets over the next twenty-four months. The oil and
gas assets will be in the form of Net Profits Interests in the
assets acquired and paid for by the issuance of convertible notes
of Texhoma due in two years and
convertible into Texhoma common
stock at a discount to the market price of such common
stock.
Furthermore, Kris Kon has agreed
to head an investment committee established by Texhoma to place, on behalf of Texhoma, up to USD $2
million dollars (if and as received) of the USD $5 million equity line previously announced by
Texhoma which is agreed to be
provided by Southridge Advisors upon the effectiveness of a
registration statement relating to such equity line, and subject to
the terms and conditions thereof.
Gilbert Steedley, Texhoma's Chief Executive Officer, said, "We
are pleased to welcome Kris Kon with
its impressive oil and gas credentials to the Texhoma strategy. As WTI oil prices continue
to demonstrate weakness, we feel this arrangement with Kris Kon to assist in building Texhoma's oil and gas portfolio is
opportune."
Kristen Kondrup, owner and Chief
Executive Officer, of Kris Kon A/S, said, "Since inception,
Kris Kon has offered its investors
more than 100 different oil & gas Working Interest investment
projects in the U.S. and currently has above USD $200 million in oil and gas assets under
management. We look forward to working with Texhoma on its growth strategy and believe it
compliments our own efforts, which include the establishment of the
Kris Kon US Oil Fund."
About Kris Kon A/S Denmark
and Kris Kon Danish Group
Kris Kon A/S Denmark, was
incorporated in Denmark in 1998
and is the largest Danish direct provider of oil and gas rights
(Working Interests) from the U.S. to the Danish market. Kris
Kon A/S has established Kris Kon Danish Group including Kris Kon US
Oil Fund, FT-SV which is a FCP ("fonds commun de placement"),
incorporated under the Luxembourg Securitization Law of 22 March
2004. The Fund is securitizing cash flow streams from U.S.
oil wells production. The Fund invests in a portfolio of Working
Interests in oil wells and will distribute any returns made through
the operation of these wells to the investor on a quarterly basis.
Investments are made under the main principal of risk
diversification.
About Texhoma Energy, Inc.
Texhoma Energy, Inc. is engaged in the acquisition, exploration
and production of crude oil and natural gas. The company's primary
focus has been on south Louisiana
and east Texas, including
near-shore Gulf of Mexico. The
company recently acquired royalty and non-operating working
interests in properties located in Texas. In addition, the
company may seek non-oil and gas opportunities as they arise.
For further information about Texhoma, please visit
www.texhomaenergy.com
Contact information
Texhoma Energy, Inc.
24624 I-45 North, Suite 200
Spring, TX 77386
Phone: 281 719 1995
Email: contact@texhomaenergy.com
This press release may contain forward-looking statements,
including information about management's view of Texhoma's future expectations, plans and
prospects. In particular, when used in the preceding discussion,
the words "believes," "expects," "intends," "plans," "anticipates,"
or "may," and similar conditional expressions are intended to
identify forward-looking statements. Any statements made in this
news release other than those of historical fact, about an action,
event or development, are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the results of Texhoma, its divisions and concepts to be
materially different than those expressed or implied in such
statements. The forward-looking statements included in this press
release are made only as of the date hereof. Texhoma cannot guarantee future results,
levels of activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Finally, Texhoma
undertakes no obligation to update these statements after the date
of this release, except as required by law, and also takes no
obligation to update or correct information prepared by third
parties that are not paid for by Texhoma.
Investor Relations Contact:
Synergy Business Consultants
Phone: 888.259.9173
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SOURCE Texhoma Energy, Inc.
