TBX Resources, Inc. Announces Letter of Intent to Acquire Oil and Gas Leases and Producing Wells
TBX Resources, Inc. (OTCBB:TBXC Oil & Gas message board, news, quote dd), an independent oil and gas exploration and production company, announced today that it has executed a Letter of Intent to acquire approximately 33 oil and gas leases involving approximately 4,402 acres located in the Barnett Shale in Jack, Wise and Denton Counties. Included in the current lease acquisition are whole or partial interests in 23 producing natural gas wells located in the leases to be acquired. Contingent upon TBX's successful completion of its due diligence, the execution of a definitive agreement, and approval by the other working interest owners.
TBX Resources, Inc. Announces Temporary Change in Stock Symbol
TBX Resources, Inc. (OTCBB:TBXC) an independent oil and gas exploration and production company, announced today that, due to the recent engagement of a new accounting firm which delayed the expected February 28, 2006 filing of our annual report on Form 10-KSB to the Securities and Exchange Commission, our stock symbol has automatically been temporarily changed to TBXCE by the NASDAQ. Our new firm is taking additional time to completely familiarize themselves with the historical facts and activities of the company, and clarifying previous filings. TBX believes that it will have its annual report completed and filed within the next 15 days.
TBX Resources, Inc. Announces Lease Acquisition
TBX Resources, Inc. is pleased to announce the lease acquisition of 549 acres in Johnson County, Texas in the Barnett Shale, from Gulftex Operating, Inc. The acreage is projected to be the future site of approximately five (5) Barnett Shale horizontal wells. TBX plans to drill the acreage within the next 18 months. TBX acquired 50% of the working interest in the subject leases. Of the 549 acres, 300 acres is leased with Devon Energy (NYSE:DEV) and 249 acres is leased with David Arrington, who was recently acquired by Chesapeake (NYSE:CHK) an oil and gas company. Both companies are headquartered in Oklahoma City
In consideration for this acquisition, Gulftex Operating, Inc. will receive 378,621 restricted 144 shares of TBX Resources common stock.
TBX Resources East Texas Projects Update
TBX Resources, Inc. is pleased to announce that re-work operations commenced last week on the Hedrick lease in East Texas.
Early last week in Hopkins County, Texas, an Innovative Well Services work-over rig was mobilized to the Hedrick lease also north of Mt. Vernon and two wells (Hedrick #1 and #5) were re-entered and re-worked. Production should be established by the end of the month. Estimated production should be about 180 barrels a month.
In Wood County, Texas four wells from two leases, the H.H. Noe and Rappe Turner continue to produce roughly 400 barrels a month.
TBX Resources East Texas Projects Update
TBX Resources, Inc. is pleased to announce that re-work operations commenced last week on the Hagansport Unit in East Texas.
Early last week in Franklin County, Texas, a Basic Energy Services work-over rig was mobilized to the Hagansport location north of Mt. Vernon and three wells (Hagansport #9, #11 and #15) were re-entered and re-worked with new rods, down-hole pumps, and new production tubing. In the last few days production was over 600 barrels. Estimated production could be as high as 200-300 barrels a day.
About TBX Resources, Inc.
TBX Resources, Inc. (OTCBB:TBXC), headquartered in Dallas, Texas, is an independent oil and gas exploration and production company which either obtains producing wells with the expectation of rehabbing the wells in an effort to increase production or drills new wells in the hopes of obtaining oil and gas production in commercial quantities.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts.
TBX Resources, Inc., Dallas
Dick O'Donnell, 972-243-2610
