PRLog - Jan. 9, 2014 - SPICEWOOD, Texas -- Texas Energy Group, LLC (TEG) is pleased to announce that it had strong growth in 2013 which was, in part, due to the drilling, development and discovery of new oil and gas wells throughout Texas. Additionally, Waylan Johnson, Founder and President of TEG, formed a second affiliate operating company, Spicewood Operating Company, LLC, in mid-2013 which is now a registered and licensed oil & gas operator with the Texas Railroad Commission.
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Throughout the 2013 calendar year, TEG offered three private drilling projects to its accredited investors and industry partners. Between these three drilling projects, 5 prospects were identified and drilled by Mr. Johnson’s affiliate operating company, Resaca Resources, LLC (with the exception of two which are scheduled to begin spudding within the next month). TEG additionally participated in a variety of non-operated deals with outside industry partners.
Successful drilling prospects were not the only growth mark for TEG in 2013; new partnerships and business relationships were formed with various individuals, companies and well-known industry vendors. Such relationships have already proven successful in bringing a multitude of new prospects and deals to the table. All of which will hopefully prove beneficial to TEG and its investor-partners in this New Year.
“Not only were we able to grow our footprint throughout the Texas Gulf Coast this past year, but we were able to acquire new assets for our investor-partners that will provide both diversification and growth for their portfolios,”
Texas Energy Group has employed the services of Lam Oil & Gas Consultants for a third party reserve report on all wells operated by its affiliate Resaca Resources, LLC and Spicewood Operating Company, LLC. Such results are expected later this year. TEG’s corporate CPA and auditing firm, BDO USA LLC, will conduct its annual audit of the firm in the coming months.
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 where you can sign up for the TEG (corporate) mailing list and receive up to date information on general TEG activities, including all TEG press releases.
Emails may be directed to Info@TexasEnergyGroup.com
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Texas Energy Group, LLC
Texas Energy Group, LLC