NEWS!! FEBRUARY 10, 2006 - 13:19 ET
Texhoma Enters into Agreement to Acquire Oil and Gas
Production
HOUSTON, TEXAS--(CCNMatthews - Feb. 10, 2006) - 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."
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FOR FURTHER INFORMATION PLEASE CONTACT:
Texhoma Energy Inc.
Investor Relations Inquiries
(604) 629-8603
info@texhomaenergy.com
www.texhomaenergy.com
AI
