Message #10 From:
NewsBot Date: November 3, 2006 06:00:00 AM
TXLA News Texola Energy Enters into Negotiations with Private Oil & Gas Company
VANCOUVER, British Columbia--(BUSINESS WIRE)--Texola Energy Corp. (‘Texola’
or the ‘Company’)
(OTCBB:TXLA) wishes to announce that it has entered into
negotiations with a private Calgary-based Oil and Gas Company to acquire
its ongoing operations and producing assets. The target company
commenced operations in 2003 and has focused it drilling and exploration
operations in two core areas comprising 9,489 (gross acres); one core
area is located in Alberta, Canada, and the other in Saskatchewan.
Details relating to current daily production and other assets, including
an inventory of low-risk developmental drilling locations, will be
expanded upon in greater detail once the terms of the acquisition have
been completed.
Management is excited by the opportunities presented by the proposed
acquisition as it will, when completed, further diversify the portfolio
of oil and gas prospects being explored by the Company, which include:
its farm-in with Suncor et al on the Chinchaga Prospect in Alberta,
Canada, and its large 120,000-acre Maverick Springs “conventional
and shale prospect” in Nevada, USA. The
diversity offered by the proposed acquisition is in keeping with
management’s goal to find, explore and develop
large “blue-sky-elephant”
type prospects and “near-term,”
low-risk, drilling and developmental prospects.
Management looks forward to reporting on the progress of its proposed
acquisition as it proceeds.
About Texola Energy Corp.
Texola is an emerging, growth oil and gas exploration company focused on
providing exceptional shareholder value and appreciation by finding,
exploring and developing large-scale, early-stage oil and gas projects
in North America.
To achieve this goal, the Company has recently undertaken various
exploration initiatives, one of which is an early-stage exploration
prospect in Nevada, USA, and the second is located in Northern Alberta,
Canada. Both of these projects offer the Company the potential to
exploit and develop large, world-class reservoirs.
Notice Regarding 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, as amended, and
Section 21E of the United States Securities Exchange Act of 1934, as
amended. 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. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. These
forward-looking statements are made as of the date of this news release
and Texola assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although Texola
believes that the beliefs, plans, expectations and intentions contained
in this press release are reasonable, there can be no assurance those
beliefs, plans, expectations, or intentions will prove to be accurate.
Investors should consider all of the information set forth herein and
should also refer to the risk factors disclosed in Texola’s
periodic reports filed from time to time with the Securities and
Exchange Commission and available at www.sec.gov.
