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Texas Energy Group, LLC (TEG) To Drill Three New Developmental Oil Wells
Texas Energy Group, LLC (TEG) would like to formally announce that their affiliate operating company, Resaca Resources, LLC has contracted with Progress Drilling for three new developmental oil wells.
“Resaca and TEG have a long standing relationship with Progress Drilling and are excited to be able to partner with them again on these three new drilling prospects,” stated Waylan Johnson, President of TEG.
TEG has shown great success in the Liberty County area over the past several years. “Our Liberty County prospects have proven profitable for both the company and its investors. We thrive on bringing such quality industry projects to the private investor who can benefit from not only portfolio diversification but also from the huge tax benefits associated with direct working interest participation in these types of lower risk, multi-well developmental drilling programs,” stated Mr. Johnson. He further stated, “Most of our drilling programs have benefited up to an 80-90% Intangible Drilling Cost Write Offs (IDCs) in the first year, along with the IRS Depletion Allowance of 15% gross income tax free.”
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
Please note that Texas Energy Group, LLC is not a Tax Advisor, CPA or Tax Attorney and is not certified to give any tax advice. The information in this press release is for educational purposes only and individuals should consult their own tax professional for advice. Additionally, further information regarding the above noted deductions can be found by referencing IRS Sections 263(c), 59(e) for IDCs/613 for Depletion Allowance. Texas Energy Group, LLC offers no professional tax advice.
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