Texhoma Energy (CE) (USOTC:TXHE)
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From Oct 2019 to Oct 2024
Texhoma Energy Inc. ("Texhoma") (PINK SHEETS:TXHE)
announced that it has entered into an agreement to acquire two oil and
gas properties in Louisiana through a joint venture entity. Such
properties were previously anticipated to be acquired but the
previously announced acquisition was not completed due to Hurricane
Rita.
The first property is a 7.42% WI (NRI 5.38%) interest in a gas
field. The current gross production is approximately 3.0 million cubic
feet of gas and approximately 270 barrels of condensate per day. The
field covers 320 acres and is located in Allen Parish Louisiana.
The second property is an oil field is located Calcasieu Parish,
Louisiana and comprises approximately 800 acres with 5 producing
completions from 4 wells. Current gross production is about - 738
barrels of oil and 567 thousand cubic feet of gas per day. The field
has one development location for further production enhancement. The
ownership working interest to be acquired is 11.76% with an 8.47% NRI.
The Company has agreed to pay an undisclosed sum for the interests
in the two oil and gas fields. The acquisition has an effective date
of January 1, 2006 and completion of the acquisition is scheduled for
February 28, 2006. The acquisition will be structured in a Joint
venture entity with funding anticipated from a New York-based
financial institution. Details regarding ownership percentages of the
joint venture are being negotiated.
An independent reserve report has been prepared by R.A. Lenser and
Associates which has attributed a pre-tax, 10% discounted value of
approximately US$9.8 million to the Proven Developed Producing (PDP)
reserves of the two properties, using a $50-oil and a $7-gas price.
PDP-reserves are estimated to be approximately 218,000 barrels and 570
million cubic feet of gas net to the Company. Further Proven
Undeveloped reserves are available in the Edgerly field.
Texhoma Energy, Inc.
Frank A. Jacobs, Executive Chairman
Safe Harbor Statement: "This News Release may include
forward-looking statements within the meaning of section 27A of the
United States Securities Act of 1933, as amended, and section 21E of
the United States Securities and Exchange Act of 1934, as amended,
with respect to corporate objectives, projections, estimates,
operations, acquisition and development of various interests and
certain other matters. These statements are made under the "Safe
Harbor" provisions of the United States Private Securities Litigation
Reform Act of 1995 and involve risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements contained herein."
Texhoma Energy, Inc. (PINK SHEETS:TXHE)