TEXEN OIL AND GAS, INC. (OTCBB: TXEO)

Dear Reader,

With the price of oil setting new records, domestic oil production continues to weigh heavily on the minds of political pundits and financial analysts.  Have you seem the earnings reports from the major oil companies showing record revenues and billions in earnings?  In our opinion, the big oil companies, flush with cash and hoping to keep prices high, are not going to be aggressively seeking exploration opportunities.  They are "fat, dumb and happy" at the moment.  But with the bounty that high oil prices brings, smaller, independent producers are compelled into action - which brings us to today’s news from Texen Oil and Gas (OTCBB: TXEO) - a Texas-based oil company that is lean and aggressive, having attracted a fair amount of positive attention lately.  You may recall that we first brought Texen to your attention early this month.  If it is not fresh in your mind, we encourage you to review our detailed StockUpTicks Profile - Click Here.

Texen’s recent news announces successful completion of a rework program on its Brookshire property, part of its ongoing effort to maximize production from its existing field operations.  Management is currently in New York City meeting with key members of the financial community - including potential venture partners.   With the addition of a financial partner Texen plans to complete a percentage interest in its Brookshire West property (as previously announced) - called the Helper Prospect (see below)
 
 

** BREAKING NEWS ** TEXEN OIL & GAS

HOUSTON--(BUSINESS WIRE)--Aug. 25, 2004-- Texen Oil and Gas, Inc. (OTCBB:TXEO - News), a Standard and Poor's listed company, is pleased to announce, that it has completed the rework program for the Brookshire Property. This program was initiated as part of its ongoing focus to increase production from its existing field operations. The company has completed three workovers on the Brookshire property, the Dachshund #10, the Dachshund #11 and the Dachshund #7.  The final re-work on the Brookshire field, the Dachshund #7 is now online. Following the completion of the Dachshund #7, the company will begin the next phase of its revitalization program with a scheduled workover program on the Helen Gohlke property. 

The workover program on the Helen Gohlke property is slated to begin by mid September 2004. The company is currently analyzing its leases on the Helen Gohlke property for determination of the next workover site. The company owns the 3D seismic on the Helen Gohlke field, which gives the company a technical advantage when making decisions on site selection. 

About the Helen Gohlke Field 

During September 2002, Texas Gohlke Partners, Texen's wholly owned subsidiary, acquired 4,800 leasehold acres which are depth limited to approximately 8,500 feet in the Helen Gohlke Field, discovered by Shell Oil in the 1950's. Texas Gohlke Partners owns a 100 percent working interest with a 70-75% percent net revenue. There are numerous well bores, for potential rework and 3D seismic 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 identified many re-completion zones based on engineering studies and well log analysis. 

This is an excerpt. To read the entire news release Click Here
 
 

ABOUT TEXEN OIL AND GAS

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.
 

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.

TEXEN STRATEGY

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: 
 

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.

SELECTED FINANCIAL HIGHLIGHTS

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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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