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TEXEN
OIL AND GAS, INC. (OTCBB: TXEO) |
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Dear Reader,
Today’s issue hits your email boxes amid a busy news day.
Of course, the Olympics are going full bore and at last, the radical
Iraqi cleric holed up in one of the most important Shiite mosques
in the world has agreed to disband his militia and “enter into the
mainstream political process.” Conventional wisdom suggests
that this could be good for the markets as the cleric has been an
enormous and deadly thorn in the U.S.’s side.
Additionally, oil is again trading at $47 a barrel and turning
heads once more to domestic oil production, which brings us to today’s
news from Texen Oil and Gas (OTCBB: TXEO)
a Texas-based oil company with a barrage of good news hitting the
wires of late. As you may recall, we first brought Texen to
your attention last week and currently have a detailed StockUpTicks
Profile available for your perusal - Click
Here.
Texen’s news released this
morning announces successful completion of a rework of its Brookshire
property, part of its ongoing focus to increase production from
its existing field operations. Better yet, this process will not
incur substantial debt to the company as stated in the release.
Those of you who are already following Texen will have noted
the company statement from August 11 wherein they said that the
company is currently negotiating the acquisition of up to a 25%
interest in approximately 1,500 acres of additional oil and gas
leases in the Brookshire Salt Dome, a 6.7 million barrel producing
field.
Now put the pieces all together… oil at $47 a barrel, a rework
to increase production on their DOMESTIC wells, and an acquisition
in the works to acquire MORE oil and gas leases. It might
just be time to take a deeper look at Texen!
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TEXEN IN THE NEWS |
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Press
Release
Source:
Texen Oil and Gas Inc.
Wednesday
August 18, 11:08 am ET
Texen
Oil and Gas Completes Initial Rework
Phase
for the Brookshire Property
HOUSTON--(BUSINESS
WIRE)--Aug. 18, 2004--Texen Oil and Gas, Inc. (OTCBB:TXEO - News),
a Standard and Poor's listed company, is pleased to announce, that
it has successfully completed the initial rework phase for the Brookshire
Property, as part of its ongoing focus to increase production from
its existing field operations. The company has completed two of the
five scheduled workovers on the Brookshire property, the Dachshund
#10 and Dachshund #11.
The Dachshund
#10 has delivered an initial increase in crude production from 27
barrels per day to approximately 56 barrels per day and has tapered
off to average approximately 40 barrels per day. The rework of number
11 included a repreforation of a new zone, which we are waiting
on flow rates. The company has moved the rig to the Dachshund #7
to begin the next scheduled workover on the Brookshire property.
The company
was able to complete the reworks using its own equipment and has
not assumed significant debt as a result of these efforts.
To read
the entire news release Click
Here
Press Release
Source: Texen Oil
and Gas, Inc.
Wednesday August
11, 1:13 pm ET
Texen Oil and
Gas in Talks to Acquire
Additional Leases
in Brookshire Salt Dome
HOUSTON, TX--(MARKET WIRE)--Aug
11, 2004 -- Texen Oil and Gas, Inc. (OTCBB:TXEO.OB - News),
a Standard and Poor's listed company, is pleased to announce that
it is currently negotiating the acquisition of up to a 25% interest
in approximately 1,500 acres of additional oil and gas leases in
the Brookshire Salt Dome, a 6.7 million barrel producing field.
The Brookshire Salt Dome covers
8,000 acres and is a relatively shallow piercement type salt dome
located approximately 35 miles from the company's headquarters in
Houston. Total production in the field today, as registered with
the Texas Rail Road Commission is approximately 6,750,000 barrels
of oil and 7,700,000 mcf of natural gas. Some of the operators currently
in the field include Lone Wolf, Espandido, Johnson Sanford, and
Gen Ann. The additional leases herein referred to as "Brookshire
West" are located on the west side of the river that runs through
the Brookshire Salt Dome. Eight (8) distinctive pay zones have been
identified on the Brookshire West property.
Currently, the company's wholly
owned subsidiary, Texas Brookshire Partners, Inc., holds various
working interests in 525 gross leasehold acres in the Brookshire
Dome Field. These leases have been developed and are currently producing
8 oil wells and 1 salt-water injection well. The company is also
re-evaluating an additional 11 previously drilled wells to put back
into production. The wells drilled to-date on Texen's current leases
were concentrated on an area less than 40 acres and all were completed
in the Miocene and Frio sands between 1,700 and 3,200 feet depth.
This type of shallow
formation allows for low cost exploration,
drilling and production.
"These leases present the opportunity
to expand our reserve base with a property located very close to
our existing operations. We believe we have identified another low
cost development property that could dramatically increase our production
of high-quality crude. With crude oil trading in the $44 - $45 dollar
a barrel range, it is a perfect time to expand our reserve base
and increase our producing properties," states Michael Sims, President
and CEO of Texen Oil and Gas, Inc.
As a matter of full disclosure,
the company is still conducting due-diligence on the Brookshire
West leases. Texen Oil and Gas, Inc. has signed an agreement with
Texas Columbia Energy, a company wholly owned by Tatiana Golovina,
the largest shareholder of Texen Oil and Gas, to acquire up to a
25% interest in the Brookshire West at an actual cost basis as acquired
by Texas Columbia Energy. During the due-diligence process, the
company will continue to conduct negotiations with potential financers
and joint venture partners.
To read
the entire news release Click
Here
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ABOUT
TEXEN OIL AND GAS |
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Texen Oil and Gas, Inc. (OTCBB: TXEO) is a Houston-based
oil and gas exploration and development (E&D) company with domestic
producing crude oil and natural gas properties. The company
has positioned itself and its shareholders to take advantage of
the supply needs in the energy sector by providing domestically
produced resources. The company currently holds approximately
6,000 acres of crude oil and natural gas properties with the majority
of acreage in shallow formation fields advantageous for low cost
exploration, drilling and production. The Company owns and
operates completion equipment which enables it to have low field
operating and reworking costs. Engineering studies and well log
analysis on the Company’s properties have identified many possibly
productive zones and a re-work program is underway to re-develop
these assets.
Brookshire Salt Dome
The Brookshire Salt Dome covers 8,000 acres and is a relatively
shallow piercement salt dome located approximately 35 miles from
the Company’s headquarters in Houston. The wells drilled to date
on Texen’s leases were concentrated on an area less than 40 acres
and all were completed in the Miocene and Frio sands between 1,700
and 3,200 feet depth. This type of shallow formation allows for
low cost exploration, drilling and production. Acquired in June,
2002, the Company’s wholly owned subsidiary, Texas Brookshire Partners,
Inc., holds various working interests in 525 gross leasehold acres
in the Brookshire Dome Field. The leases have been developed with
5 producing oil wells and 1 salt water injection well.
Helen Gohlke Field
During September 2002, Texas Gohlke Partners, Texen’s wholly owned
subsidiary, acquired 4,800 leasehold acres with depths to approximately
8,200 feet in the Helen Gohlke Field which was discovered by Shell
Oil in the 1950’s. Texas Gohlke Partners owns a 100 percent working
interest with a 70-75% percent net revenue interest in the wells
they acquired. There are numerous well bores, for potential rework
and a 3D seismic database is available on 4,500 acres of this property.
Texen currently operates 7 oil and gas wells and 2 salt-water disposal
wells on these leases. The Company has identified many re-completion
zones based on engineering studies and well log analysis.
Recent Developments
Engineering studies have identified additional, possibly productive
zones in the Company’s two properties. A rework program is currently
underway to exploit these zones that could increase production and
cash flow.
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TEXEN
HIGHLIGHTS
Seven
(7) producing wells and two salt-water disposal wells on
Helen Gohlke Field.
Five
(5) producing wells and one salt-water disposal well on
the Brookshire property.
Current
drilling program underway to increase production from existing
properties.
Currently
negotiating additional leases to increase the Company's
asset base of oil and gas properties.
Large
3-D seismic database on existing property.
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TEXEN STRATEGY |
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Texen's current projects are in Texas, which provides a diversified
mix of moderate and high impact oil and gas prospects combined with
low risk infield development prospects. The Company’s primary
goal is to deliver shareholder value in a cost-effective manner.
Key elements of the Company’s business strategy include:
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Increase oil and gas production
in the Brookshire Salt Dome by drilling new wells and reworking
existing wells to stimulate production.
Increase oil and gas production
in the Helen Gohlke Field by re-completing additional wells
in shallower formations previously ignored by former operators.
Increase the company asset base
through the acquisition of crude oil and natural gas properties
with low to medium risk re-completion targets.
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SELECTED FINANCIAL HIGHLIGHTS |
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Shares Outstanding: 89,767,643
Float: 11,058,890
Recent Price: $0.16
Average Volume (3 months): 55,699
52-Week High (12/11/02) $0.97
52-Week Low (09/23/03) $0.09 |
Insider Position: 64.5%
Fiscal Year End: 06-30
Transfer Agent: Pacific Stock Transfer
To view SEC filings for Texen, Click
Here |
Business History: Texen
Oil & Gas, Inc. (formerly Palal Mining Corporation) (hereinafter
"Texen" or "the Company") filed for incorporation on September 2,
1999 under the laws of the State of Nevada primarily for the purpose
of acquiring, exploring, and developing mineral properties. The
Company changed its name from Palal Mining Corporation to Texen
Oil & Gas, Inc. on May 15, 2002 upon obtaining approval from
its shareholders and filing an amendment to its articles of incorporation.
The Company shall be referred to as "Texen" or "Texen Oil &
Gas, Inc." even though the events described may have occurred while
the Company's name was Palal Mining Corporation. The Company's fiscal
year end is June 30.
On July 1, 2002, Texen developed
a plan for acquisition, development, production, exploration for,
and the sale of, oil, gas and natural gas liquids and accordingly
ended its exploration stage as a mineral properties exploration
company. The Company sells its oil and gas products primarily to
domestic pipelines and refineries. These acquisitions were accounted
for using the purchase method Prior to this, Texen conducted its
business as an exploration stage company, meaning that it intended
to acquire, explore and develop mineral properties. The Company's
wholly owned subsidiaries consist of Texas Brookshire Partners,
Inc. ("Brookshire"), Texas Gohlke Partners, Inc, ("Gohlke"), Brookshire
Drilling Services, Inc. ("Drilling"), Yegua, Inc. ("Yegua") and
BWC Minerals, LLC ("BWC").
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CONTACT |
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Corporate Headquarters
2401 Fountain View Drive, Suite 1008, Houston, TX 77057
E-mail: info@texenoilandgas.com
Investor Relations
Wendy Prabhu - Mercom Capital Group, LLC
Tel: 602.748.1458
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