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NewsBot Date: June 29, 2005 02:01:38 PM
TXEO News Research Texen Oil and Gas, Stock Trading Message Board
Texen Introduces New Vision, New Team, and Debt Payoff at Shareholders Meeting
Texen Oil and Gas, Inc. (OTCBB:TXEO), completed its first open shareholder information meeting yesterday which was well attended. At the meeting Mr. Fimrite, President, provided the new strategic vision for the company, introduced several new senior team members to carry out the vision and announced the retirement of $1.5 million in debt.
In what was widely acknowledged by shareholders in attendance as a "new day" Mr. Fimrite unveiled the new strategic vision which focused on applying advanced technology to existing production assets in combination with the acquisition of environmental gasification technology. "Our new company will produce solid revenue streams with one foot in the traditional oil and gas industry and one foot in the future of resource capture and reuse."
Discussing the financial statements, Mr. Fimrite informed the shareholders that Texen has entered into an agreement to retire $1.5 million in long-term debt in return for 30,000,000 shares of Texen common stock. This transaction leaves the company with no long-term debt and prepares our balance sheet for the planned growth of the Bay City Gasification Plant project.
At the conclusion of the meeting Mr. Fimrite committed to shareholders that open shareholder information meetings would be a consistent feature of the company's transparent business practices.
For additional information, please visit our Web site at: www.texenoilandgas.com. Please note the new corporate address and contact numbers below.
Forward-Looking Statements: This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the retirement of $1.5 million in debt in exchange for 30,000,000 shares of common stock and any growth of the Bay City Gasification Plant Project.
Texen Announces Contract to Purchase Texas Gasification Plant
HOUSTON
Texen Oil and Gas, Inc.
Investor Relations
Jim Elbert, 888-388-8989
Texen Oil and Gas, Inc. (OTCBB:TXEO), announced today that the Company has entered into a contract to purchase a gasification plant from Port Assets LLC in Bay City, Texas. The plant was originally built by Fluor Daniel and was completed in November 1997 at a cost of approximately $70 million dollars. The plant, which was never put in operation, is virtually new and is being acquired by Texen for $3 million. The 20 acre facility is located southwest of Houston and is designed to recover and convert halogenated hydrocarbon waste from the petro-chemical industry into hydrochloric acid and synthetic fuel.
Mr. Elroy Fimrite, President of Texen commented that, "The purchase of Port Assets is the first significant step we are taking in the advancement of Texen's strategy to develop and produce synthetic resource derived materials and energy. The Port Assets facility will be able to convert 45,000 metric tons of waste per year into industrial grade hydrochloric acid and high-BTU synthetic gas. The facility will reduce the amount of chemical waste incinerated in the Gulf area, which is currently about 300,000 metric tons per year."
Texen Announces Corporate Changes, New Name and Annual Meeting
HOUSTON
Texen Oil and Gas, Inc.
Investor Relations
Jim Elbert, 888-388-8989
Texen Oil and Gas, Inc. (OTCBB:TXEO), announced today that the Company has obtained shareholder consent for an increase in authorized share capital and for a change of name to SNRG Corporation. The Company will be filing an Information Statement with the SEC shortly in regards to the proposed share capital amendments and name change.
The Company is expanding its activities to include the development and production of natural and synthetic resource derived materials, hydrocarbons and energy.
"We believe that significant opportunities are available to the company in natural and recovered materials and energy," stated Mr. Fimrite, "We believe our new name better reflects our corporate strategy."
In conjunction with these changes the Company advises that the Corporate Headquarters has been relocated to Scottsdale, Arizona. The energy division shall continue to be headquartered in Houston.
The Company advises that an annual information meeting of shareholders will be held in Scottsdale, Ariz., on Tuesday, June 28, 2005, at 10:00 a.m. at the Wingate Inn, whose address is 14255 North 87th Street, Scottsdale, Arizona 85260.
Texen Announces Change in Control and Resignation of Directors
HOUSTON
Texen Oil and Gas, Inc.
Investor Relations:
Jim Elbert, 888-388-8989
or
Corporate Offices:
Tel: 713-782-5758
Fax: 713-782-1173
Texen Oil and Gas, Inc. (OTCBB:TXEO), announced today that Texen Holdings LLC, an entity controlled by D. Elroy Fimrite, Texen's President, has acquired 47,165,664 shares of Texen common stock from Tatiana Golovina. As a result of the acquisition Texen Holdings LLC will hold 47.95% of Texen's common stock.
The Company also announced the resignations of Tatiana Golovina and Michael Sims from their positions as directors of the company. Stated Mr. Fimrite, "We thank Tatiana and Mike for their years of service in helping launch the Company."
About Texen Oil and Gas, Inc.
Texen Oil and Gas, Inc. is a Houston-based oil and gas exploration and development (E&D) company. The company leases crude oil and natural gas properties in Victoria, DeWitt and Waller Counties, Texas. Texen Oil and Gas is focused on acquiring, developing and producing proven, developed and underdeveloped reserves, which offer long-term value for the company. We trade under the stock symbol: TXEO.OB on the OTC bulletin board. For additional information, please visit our Web site at: www.texenoilandgas.com.
Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
