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Texas Energy News - Natural Gas Growth Stock Company Acquires Texas Proven Natural Gas Reserves
In Texas oil & natural gas energy news, 1st Texas Natural Gas Company (Stock Symbol: FTXN) has acquired natural gas leases in the Permian Basin of Texas with recoverable natural gas reserves with over $650,000,000 estimated value.
By: Emerge News
For more details visit the company web site http://www.1stTexasNaturalGas.com
Stock investment summaries, quotes and a 1st Texas Natural Gas Company (Stock symbol: FTXN) Research Report issued by a leading stock analysis company can be found at http://www.emergenews.com/
Three natural gas wells have been drilled since March 2007 with 100% success. The wells are located near 2 major Texas natural gas transportation pipelines. Natural gas is currently selling at $ 6.25 per cubic foot. 1st Texas Natural Gas Company natural gas commands a premium at $7 per cubic foot or better.
The company plans on having a total of 15 wells in production by the end of 4Q07 and over 30 in 2008.
New President and Chief Executive Officer, Jim Dial, has over 25 years of oil and natural gas energy experience.
Regarding the company’s strong natural gas production growth Mr. Dial said:
“We have a simple game plan: Drill, drill and then drill some more. I have never believed in wildcat exploration. I believe that the best opportunities are in proven reserves. We have the right team in place to get the job done."
1st Texas Natural Gas (FTXN) is a growing Texas energy company focused on the production of natural gas and oil from historic and technically proven reserves in US fields including Permian Basin natural gas fields in the Ozona, Texas and Midland, Texas areas. Currently on pace to bring a new natural gas well online every 4 weeks, they have no exploration, international or offshore oil and gas energy sector associated risks.
Notice: This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release may contain "forward looking statements" as defined by SEC regulations. Actual results may differ materially.