Cantex Energy Corp Receives Notice of Intent to Drill Test Well on Big Canyon Prospect
January 28 2010 - 12:12PM
Business Wire
Cantex Energy Corp. (Pink Sheets: CTXE) announced today
that, in conjunction with Big Canyon Energy, LLC, it has received
formal notice from its operator and Working Interest partner
Slawson Exploration Company, Inc., of its intent to drill a test
well on the Big Canyon Prospect area (“Prospect area”) in the West
Texas Overthrust, Val Verde Basin, Terrell County, Texas. Cantex
has a 14.5% working interest, with a 75% net revenue interest in
the Prospect Area consisting of approximately 13,566 net mineral
acres.
Slawson acts as the driller, explorer and operator of the
Prospect Area and has now identified a target location for the
first test well to be drilled to a total depth of approximately
10,000 feet. Slawson is expected to provide all the Working
Interest partners, including Cantex with a formal Authorization for
Expenditure (AFE) on or about the first of March 2010. Cantex
anticipates that the AFE for the well will be approximately 1.9
million with completion being an additional 1 million. A drilling
rig and permitting is scheduled for 2nd quarter 2010.
About Slawson Exploration
Slawson Exploration Company, Inc. is a privately held oil and
gas exploration company founded by Donald C. Slawson. The
Wichita-based organization began oil and natural gas exploration in
Kansas in 1957. Since its inception, Slawson has drilled over 3500
wells in 10 states. Regional exploration offices are located in
Denver (Northern Rockies / California), Oklahoma City (Anadarko),
Houston (Gulf Coast / S Texas) and Wichita (W Kansas). As an
aggressive exploration firm, Slawson Exploration Company, Inc.
focuses on risk-reduction technological advantages in time-tested,
prolific geologic provinces, delivering greater returns for
investors.
About Cantex Energy
Cantex Energy Corp. is an independent, managed risk, oil and gas
exploration, development, and production company headquartered in
San Antonio, Texas.
Cantex Energy Corp. is a Non-Reporting Company, quoted on the
Pink Sheets, having filed a Form 211 pursuant to Rule 15c211 under
the Exchange Act, with the NASD Compliance Unit. For real-time
quotes, how to trade pink sheet stocks, how to protect yourself and
additional stock information, please see www.pinksheets.com.
Purchasing shares in Cantex Energy Corp. involves a speculative
investment with substantial risks, and although the Company intends
to use its best efforts to enhance the value of the shares, there
is no assurance that the Company's operations will be
successful.
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE
STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS
THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS IN THE PRIVATE
SECURITIES LEGISLATION REFORM ACT OF 1995. FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, WHICH
MAY CAUSE CANTEX ENERGY'S ACTUAL RESULTS IN FUTURE PERIODS TO
DIFFER MATERIALLY FROM FORECASTED RESULTS. THESE RISKS AND
UNCERTAINTIES INCLUDE, AMONG OTHER THINGS: THE POTENTIAL THAT NO
COMMERCIAL QUANTITIES OF OIL ARE FOUND OR RECOVERABLE, THE PRICE OF
OIL AND GAS, GEOLOGICAL PROBLEMS THAT PREVENT US FROM REACHING
DRILLING TARGETS AND SPECIFIC RISKS SUCH AS THE COMPANY'S ABILITY
TO RAISE FINANCING AND RISKS INHERENT IN CANTEX ENERGY'S
OPERATIONS. THESE AND OTHER RISKS ARE DESCRIBED IN CANTEX ENERGY'S
FORM 15C211 AND OTHER FILINGS WITH THE NASD AND SECURITIES AND
EXCHANGE COMMISSION.
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