TBXC News TBX Resources, Inc. Announces Negotiations to Acquire 18 Wells in the Barnett Shale
DALLAS--(BUSINESS WIRE)--TBX Resources, Inc. (Pink Sheets:TBXC), an independent oil and gas
company, announced today that it has entered into negotiations to
acquire the working interests and well bore leases of 18 drilled and or
producing wells in the Barnett Shale in North Texas from certain joint
venture partnerships managed by Gulftex Operating, Inc. The producing
properties, with additional drilling opportunities to develop, are in
the prolific Barnett Shale, a well known geologic area containing
natural gas deposits. Gulftex was founded in 1996 and is a licensed
bonded operator in the state of Texas. The acquisition is contingent
upon TBX Board of Directors approval of the final negotiated terms and
conditions, an affirmative vote by the joint venture members and receipt
by TBX of a fairness opinion that the transaction is fair to TBX
stockholders.
"TBX is currently going through a number of positive changes which is
causing TBX certain growing pains, including a change in our accounting
system and auditing firm,” stated Dick
O'Donnell, TBX Director of Investor Relations. "Management believes that
successful acquisitions, such as those now underway, combined with the
implementation of new accounting systems, will stabilize TBX and prepare
the company for application to a national exchange,”
added O'Donnell.
About TBX Resources, Inc.
TBX Resources, Inc. (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.
