FRISCO, TX--(Marketwired - Sep 10, 2013) - 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
