Sable Natural Resources Corp. (fka SNREQ)

[Timothy Smith]

NYTEX Announces Sale of Interest in 17,000 Leasehold Acres for $3.2 Million

Dec 4, 2012 8:00:00 AM
Copyright Business Wire 2012
DALLAS--(BUSINESS WIRE)-- NYTEX Energy Holdings, Inc. ("NYTEX", or the “Company”) (OTCQB: NYTE), a Dallas-based energy holding company operating through its subsidiary, NYTEX Petroleum, Inc. announced the sale of its 15% interest in approximately 17,000 leasehold acres, including two producing wells and carried interest in seven additional drilling prospects, for the cash purchase price of $3.2 million to Newark E&P, LLC (“Newark”).

Prior to the sale, the Company participated with Newark through an exploration agreement and operating agreement (“Exploration and Operating Agreements”) wherein NYTEX owned a 15% working interest in wells drilled on the approximate 17,000 leasehold acres.

Under the terms of the Purchase and Sale Agreement between NYTEX and Newark (the “Sale Agreement”), Newark purchased all of the right, title and interest granted to NYTEX in the Exploration and Operating Agreements.

Through the Company’s land services efforts and subsequent to the Sale Agreement, NYTEX owns an average 5% working interest in approximately 5,600 leasehold acres and an average 1% overriding royalty interest in more than 88,000 acres in Jack, Throckmorton and Young Counties in the Marble Falls, Mississippi Lime, and Caddo Limestone resource plays. In addition, the Company maintains approximately 1,300 leasehold acres in inventory for future development and recently drilled six Marble Falls wells wherein the Company has an average 9.8% net revenues interest. The Company maintains an ongoing leasehold acquisition initiative in the Marble Falls play.

Michael Galvis, NYTEX President and CEO, commented, "The sale of our 15% interest in the 17,000 leasehold acres provides us additional capital to exploit the burgeoning opportunities created by our early success in our target multi-pay oil resource plays.”

About NYTEX Energy Holdings, Inc.

NYTEX Energy Holdings, Inc. (website: http://nytexenergyholdings.com) is an early-stage exploration and production (E&P) company engaged in the acquisition, development, and production of oil and gas reserves from low-risk, high rate-of-return wells in shallow carbonate reservoirs. Our strategy is to enhance value for our shareholders through the development of a well-balanced portfolio of natural resource-based assets at discounted acquisition and development costs.

This press release includes “forward-looking statements,” which may include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this release, the words “will,” “intends,” “expects,” “outlook,” “forecast,” “estimates,” “anticipates,” “projects,” “plans,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. The company’s ability to achieve the financial targets described in this press release is subject to numerous factors and contingencies, many of which are beyond the company’s control. These include local and national economic, credit and capital market conditions, including prevailing interest rates; legal and regulatory developments, including changes to tax rates, applicable securities regulations or accounting standards, and ability to obtain necessary licenses and permits; and geopolitical conditions, including the occurrence of acts of war or terrorist incidents, and weather or natural disasters. Any of these factors or others not named herein could cause the company’s actual results to differ materially from those expressed as forward-looking statements. In addition, other risk factors that could cause actual results to differ materially from the forward-looking statements contained in this release include those that are discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no, and expressly disclaims any, obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.



NYTEX Energy Holdings, Inc.

Bryan A. Sinclair, 972-770-4700

or

Investor Relations Contact:

Consulting for Strategic Growth 1 Ltd.

Stanley Wunderlich, 800-625-2236 ext. 7770

Email: [e-mail]

www.cfsg1.com

Source: NYTEX Energy Holdings, Inc.


----------------------------------------------

NYTEX Energy Holdings
Inc.

Bryan A. Sinclair
972-770-4700

or

Investor
Relations Contact:

Consulting for Strategic Growth 1 Ltd.

Stanley
Wunderlich
800-625-2236 ext. 7770

Email: [e-mail]

www.cfsg1.com