Exterra Energy, Inc. Announces Corporate Cash Dividend Policy; They Will Be Introducing New Management Team to the Financial Community at the FSX Conference in San Francisco, CA
On Tuesday April 28, 2009, 3:24 pm EDT
AMARILLO, TX--(MARKET WIRE)--Apr 28, 2009 -- Exterra Energy, Inc. (OTC BB:EENR.OB - News) announced today that Exterra's Board of Directors has authorized a corporate stock dividend policy which the company is authorized to distribute 25% of the after tax net annual earnings of Exterra to all stockholders of record by distributing quarterly cash dividends to all Exterra Stockholders of record.
In addition Exterra Energy, Inc. will be introducing their new management team to the financial markets by presenting at the Financial Services Exchange Conference held at Argonaut Hotel in San Francisco, CA. on May 1, 2009 at 1:45PM. Presenters are Robert Royal, Chairman, CEO, and Todd R. Royal, President, COO.
Todd R. Royal, President of Exterra Energy, Inc., stated, "As part of our corporate restructure strategy the board was pleased to implement a cash dividend program for shareholders of Exterra." He went on to comment, "By aggressively improving the company's balance sheet with acquisitions it will enable the company to have significant cash flow which in turn allows for the cash payment equal to 25% of the net profits to be paid in dividends."
Robert Royal, Chairman and CEO, commented, "We believe the market and our shareholders will appreciate the cash dividends. The company's management team has found success using this financial model in our past public corporate experience." Mr. Royal went on to state, "Our strategy for the company in the public markets is to improve the company's balance sheet through development of the Company's mineral assets and strategic acquisitions of undervalued properties, by using our assets, equity marketing, commercial banking relationships and stock restructuring to improve earnings per share and move the public company to a senior exchange."
About Exterra Energy, Inc.
Exterra Energy, Inc. (OTC BB:EENR.OB - News) is an emerging oil and gas exploration production company based in Amarillo, Texas, with a Field Office in Parker County, Texas. Exterra is committed to a strong acquisition strategy purchasing producing oil properties that are undervalued due to current market conditions. Exterra is primarily active in the development, acquisition and operations of oil & gas properties, including the Newark East (Barnett Shale) Gas Field in North Texas and now holds an undivided interest in approximately 17,750 gross acres of leases in the Newark East (Barnett Shale) area with over 63 wells producing on the acreage. The Company is also active in Permian Basin West Texas with mineral acres, producing oil and gas wells, wells being put online and chemically treated, a new Saltwater Disposal Facility, a 12 mile gas gathering system and a new gas contract with Panther Pipeline and Southern Union that will increase production in Pecos County. The Barnett Shale gas field is undoubtedly one of the largest producing gas fields in the continental U.S. today, and Exterra is committed to developing and expanding its acreage and assets within the core area of the field. Exterra is further committed to increasing its oil assets by acquiring additional producing oil wells in the Permian Basin in West Texas, as well as other areas. Exterra's strategic plan is to take advantage of the opportunity that exists in the oil industry today by acquiring, under valued producing oil wells, since many in the Oil Industry are heavily leveraged.
About Financial Service Exchange, Inc. (FSX)
FSX is the premier investment conference organization in the United States. Founded in 1983, they are a national organization comprised of independent FINRA broker/dealer firms. Through a series of regularly scheduled conferences, FSX brings these firms together with the purpose of sharing information and showcasing investment opportunities. The organization has hosted consecutive quarterly conferences for more than 25 years. FSX is one of the most reputable and established national alliances in the country for independent broker/dealers and their firms.
The Company and its representatives may from time to time make written or oral forward-looking statements, including statements contained in the Company's filings with the SEC and in its reports to shareholders. One can identify these forward-looking statements by use of words such as "strategy," "expects," "plans," "anticipates," "believes," "will," "continues," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are based on our assumptions and estimates and are subject to risks and uncertainties. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby identifying important factors that could cause actual results and outcomes to differ materially from those contained in any forward-looking statement made by or on behalf of the Company.
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