West Texas Resources, Inc. Announces Update on Eastland County Prospect
February 25 2013 - 10:01AM
Marketwired
West Texas Resources, Inc. (OTCQB: WTXR), a
Texas-based independent oil and gas company, today announced an
update on its oil and gas prospect in Eastland County, Texas.
The Company owns a 31.25% working interest in an exploratory oil
and gas drilling prospect covering 120 acres in Eastland County,
Texas. The Eastland County prospect includes two exploratory wells,
known as Rutherford #1 and C.M. Knott #1, both of which had been
operating at a minimum level required to maintain the lease rights.
The operator re-entered the Rutherford #1 well and conducted
drilling and casing activities. Subsequently, GasFrac, Inc., of
Kilgore, Texas, conducted the fracture stimulation of the
Rutherford #1. After running off the liquefied gas used to conduct
the fracture stimulation and an evaluation by the operator, the
Rutherford #1 was placed on a pump on February 15, 2013 and has
commenced production of oil and natural gas. To date, the
Rutherford #1 has initial production of approximately 9 BBLS of oil
and 28 MCF of natural gas per day.
According to Stephen Jones, CEO of West Texas Resources, "We are
pleased with the initial production to date. Although the initial
results are not sufficient to form a long-term view on the expected
production, it appears that the Rutherford #1 will be a profitable
well for our company."
About West Texas Resources, Inc.
West Texas Resources is a Texas-based independent oil and gas
company engaged in secondary enhanced oil recovery projects,
exploratory drilling, and production of crude oil, natural gas
liquids and natural gas in the onshore United States.
Forward-Looking Statements:
This press release contains forward-looking statements
concerning West Texas Resources, Inc. within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Those
forward-looking statements include statements regarding our
expectations for the continued production of our Rutherford #1 well
and the potential profitability of that well. Such statements are
subject to certain risks and uncertainties, and actual
circumstances, events or results may differ materially from those
projected in such forward-looking statements. Factors that could
cause or contribute to differences include, but are not limited to,
the risk that the Rutherford #1 well may not maintain its present
level of production, the risk that we may incur unexpected expenses
that renders the well as unprofitable regardless of the level of
production and those other risks set forth in West Texas Resources'
annual report on Form 10-K for the fiscal year ended September 30,
2012 filed with the SEC on January 14, 2013 and subsequently filed
quarterly reports on Form 10-Q. West Texas Resources, Inc. cautions
readers not to place undue reliance on any forward-looking
statements. West Texas Resources, Inc. does not undertake, and
specifically disclaims any obligation to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur.
Contact: Stephen Jones CEO West Texas Resources, Inc. 972
712-1039 ph
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