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TORONTO, Feb 21, 2012 (BUSINESS WIRE) -- PureSpectrum, Inc. (PSRU - OTC Pink) announces today that it has been approved to do business in the State of Texas including an established bond with the Railroad Commission of Texas. PSRU CEO, Cedric Atkinson comments, "We are very pleased to have accomplished this toward our long-term goals. In addition to our non-operator initiatives, including our 30-well re-entry program in Navarro County, Texas, the Operator status allows us the option to participate in additional revenue streams immediately." The company plans to apply for the right as an operator for up to 50 wells within the next 60 days.
As well, The Railroad Commission of Texas has approved PureSpectrum as an Official Operator, which includes permission to operate up to 9 wells or 3 injection wells. The Commission, through its Oil and Gas Division regulates the exploration, production, and transportation of oil and natural gas in Texas.
PureSpectrum, Inc. execs feel this will result in both a substantial revenue stream for the company as well as economic development for the State of Texas as the U.S. continues to foster incentives for domestic oil drilling initiatives.
Also, the company is pleased to announce this morning the launch of its official website, www.PSRUoil.com . The site includes industry information, links to financial reports, contacts and will include a project page featuring pictures and updates from the company's various endeavors.
News is forthcoming on the company's official discussions to partner with a group of private institutional investors to acquire a working and/or overriding interest in producing wells throughout the United States with a focus in Texas, Southeast U.S. and the Midwest.
Safe Harbor Statement: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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