Thanks Zardiw, will be watching.
tem 8.01 Other Events.
Texas South Energy, Inc. (the “Company”) announced today that it has executed a settlement agreement with GulfSlope Energy, Inc. effective November 1, 2019 regarding the payment of Joint Interest Billing expenses associated with drilling operations on two offshore projects in the Gulf of Mexico. The charges, totaling $3,796,778, have been settled by the transfer of the Company’s 5% working interest in each of the Tau prospect (Ship Shoal Blocks 336 and 351) and Canoe prospect (Vermillion South Addition Block 378). The company participated in drilling a test well on each of those prospects in 2018 and 2019 both of which were completed as Dry Holes. In addition, the Company also transferred to GulfSlope one half of its 20% working interest (10%) in the Corvette prospect on Vermillion South Addition Block 375. As a result of this agreement, the Company has reduced its working capital deficit by more than 45%.
