- Oct. 1, 2009 - SPICEWOOD, Texas --
Austin, Texas USA - Texas Energy Group, LLC (TEG) has commenced funding for their new GK Drilling Project, a two (2) well project located in Goliad & Karnes Counties, Texas. Both wells will be drilled to a total depth of 9500’ +/- under a Turnkey Drilling Contract. TEG is currently offering its qualified participants the opportunity to review this project.
TEG will have industry partners involved in the GK Project along with their internal partners. These two wells are the first of several to be drilled in the Upper Gulf Coast region. Both wells should produce natural gas with associated oil.
Reserve potential ranges from 4.4 BCF/85,000 BO upwards to 17 BCF/308,000 BO for both wells. TEG has run internal economics based on $3/MCF gas and $45/BO.
Current drilling prices at the above mentioned commodity prices gives the GK Project a strong upside potential. We believe the best time to identify future reserves are when drilling costs are at their lowest possible amount. “We are seeing some drilling costs at ten year lows” quoted Waylan Johnson, President and owner of TEG. TEG hopes to continue on its path of success by making the GK Project their fifth successful drilling project in a row. Their last four projects have all successfully produced commercial wells.
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department; (877) 893-6749 or visit them on the web at www.TexasEnergyGroup.com. Emails may be directed to Info@TexasEnergyGroup.com
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: