PRLog (Press Release)
- Jun. 16, 2011 -
Texas Energy Group, LLC. (TEG) announced today their next drilling venture, the LD Project, which is made up of two prospects, the Quinn and Splendora. Both prospects are vertical wells that will be drilled to 7500’ +/- in Liberty County, Texas which is located just outside of Cleveland, Texas.
For the last several years, TEG has been successfully drilling in this area for reserves that have been left behind or simply overlooked in mature active fields.
The Quinn prospect has both the Quinn Sand and Paul Nelson Sand as its primary objectives. Both of these sands have proven to be productive in the immediate area. We estimate the potential reserves for the well at about 1.5 bcf and 120,000 BO.
The Splendora prospect will drill up dip to two wells that produced 190,000 BO from our target zone. Based on the downdip and surrounding production potential reserves of the Mule Pond formation, we estimate this area could produce in excess of 200,000 BO.
Collectively, at today’s commodity prices ($95/bbl & $4.25/mcf), less severance taxes and royalties, the potential reserve value could be worth $26,000,000 +/- to 8/8ths of the partners.
We believe that the prior success we have had in Liberty County gives us an edge, and we are currently developing several additional projects in the area. We will have Private Placement Memorandums ready for review in the next week or so. We plan to drill both wells in August, with quick completion activities in order to create revenue by year’s end.
For further information regarding the LD Project, please contact our Investor Relations Department at (877) 893-6749 or visit us on the web at www.TexasEnergyGroup.com.
Emails may be directed to Info@TexasEnergyGroup.com.
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.