PRLog (Press Release)
- Apr. 29, 2009 -
Texas Energy Group, LLC (“TEG”) is now excepting vendor bids on the upcoming Wolf #1 well to be drilled in Matagorda County, Texas. The Wolf #1 well is located a few miles from a previous well (the Lario #1) in which TEG owned 50% working interest. The Wolf #1 is an analog to the successful Lario #1 well that has produced in excess of 1.7 BCF equivalent and is still currently producing. The Wolf #1 will be drilled to approximately 11,000’+/- to test the Frio formation. Daily production rates in the immediate area have exceeded 5,000,000 CFGPD + oil. TEG, along with Resaca Resources, LLC (operator of the project) expects to spud the Wolf #1 in the next 30-45 days.
For further information on this project or other TEG projects please contact their Investor Relations Department at (877) 893-6749 or Info@TexasEnergyGroup.com. You can also visit them on the web at www.TexasEnergyGroup.com and fill out their Information Request Form.
About Texas Energy Group, LLC
Texas Energy Group, LLC (TEG) is committed to creating a vehicle where individual investors can become long term partners who, over a period of time, develop a portfolio of oil and gas properties that generate monthly cash flow and substantial tax write offs. TEG offers its qualified participants, direct undivided working interest positions into new oil and gas well drilling ventures. Through direct participation programs in oil and gas, investors actually own a portion of the well and receive a share of the cash flow it generates via monthly disbursements. TEG acts as the managing entity over the entire process. They begin with their geologists identifying a prospective anomaly by utilizing 3D Seismic technology, they then acquire the mineral leases over the prospect site, work to obtain funding, then begin to operate and drill the well, complete the well, and as a licensed operator Resaca Resources (TEG’s operating arm) is also able to handle the day to day operations and sale of produced gas and oil. Resaca Resources is then responsible for sending out monthly revenue checks to their partners as well as preparing and sending out daily drilling reports, permits, maps and related geology, production, revenue, and expense statements.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular when used in the preceding discussion, the words "believes", "expects", "intends", "will", "anticipated"
or "may" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties including, without limitation, risks associated with operations, availability of capital on a reasonable term, the effects of government regulations and operations risks, and the risk factors set forth from time to time in the Company's SEC reports, included but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB, and any reports on Form 8-K. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. Waylan Johnson President Texas Energy Group takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. The forward-looking statements contained herein reflect the Company's judgment as of the date of this release, and the Company cautions readers not to place undue reliance on these statements. Information herein is not intended to be any form of solicitation. Information found on this page is neither an offer to buy or sell securities or other investments.
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Texas Energy Group (TEG) is an Austin, TX based Oil & Gas Exploration and Investment Company specializing in multi-well, low risk developmental drilling projects. For Oil & Gas Investment information go to www.TexasEnergyGroup.com or call (877) 893-6749.Photo: