West Texas Resources, Inc. Announces Close of West Cameron 225 Acquisition
11 September 2013 - 12:21AM
Marketwired
West Texas Resources, Inc. (OTCQB: WTXR), a
Texas-based independent oil and gas company, today announced the
closing of its acquisition of a 10.0167% working interest (7.2120%
net revenue interest) in an offshore oil and gas field, known as
West Cameron 225, located in the shallow waters of the Gulf of
Mexico near Cameron, Louisiana.
The West Cameron 225 field has proven reserves of 14.7 BCF of
gas and 11 MBC or 2.46 million net equivalent bbls (177,500 net
equivalent bbls net to West Texas Resources) and has two producing
wells, the #7 and the D-1, that were previously shut-in and waiting
on a sales pipeline connection. The pipeline was recently completed
and tested and now the two wells are expected to come online at a
combined rate of 3 MMcfd (300 Mcfd net to the West Texas
Resources). The operator presently intends to perform a dual
recompletion on the D-1 well early next year, at which time the two
wells are expected to produce 7.5 MMcfd (750 Mcfd net to West Texas
Resources).
According to Stephen Jones, CEO of West Texas Resources, "We are
pleased to have closed the West Cameron 225 transaction. We believe
that the West Cameron 225 interest, along with the recently
acquired Port Hudson interest, provides us with a substantial
amount of net reserves and the cash flow from production that
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 production of the wells in the West Cameron
225 field and the potential profitability of our interest in the
West Cameron 225 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
West Cameron 225 field may not reach its expected levels of
production, the risk that we may incur unexpected expenses that
renders our interest in the West Cameron 225 field 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
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