- Feb. 14, 2011 - SPICEWOOD, Texas --
Texas Energy Group, LLC (TEG) has commenced funding for their new PNM Drilling Project, a two (2) well project located in Liberty County, Texas. Both vertical wells will be drilled to a total depth of 9000’ +/- 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 PNM Project along with their internal partners. These two wells have both Quinn and Kirby sand objectives, both of which have been previous oil and gas producers. Both wells should produce natural gas with associated oil and liquids.
Reserve potential for each of these wells ranges from 2.1 BCF/64,000 BO upwards to 4.4 BCF/110,000 BO. TEG has run internal economics based on $3/MCF gas and $60/BO.
Current drilling prices at the above mentioned commodity prices gives the PNM 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 has had multiple well successes in Liberty County and hopes to continue on its path of success with the PNM Project.
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
Disclaimer: This release/announcement/
document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/
document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. 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.
# # #
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.