DENTON, TX--(Marketwire - 12/13/10) - Topaz Resources, Inc. (OTC.BB:TOPZ - News), an independent oil and gas company ("Topaz" or the "Company"), today announced that current and forecasted demand and prices of oil are providing significant reinforcement to the Topaz acquisition and development plan.
Resurgence in the global demand for oil has seen the price for oil not only remain over $80 per barrel, but climb to over $87. Global oil demand is strong; in fact, it has never been stronger. Macquarie Capital recently noted in November that oil demand during the third quarter of this year was up 3.7 percent, the fourth-straight quarter of growth and expects global oil demand to grow by 2.3 percent on a year-over-year basis in 2011.
Continued growth for demand of oil and higher oil prices also is supported by the International Energy Agency, whose long-term outlook predicts that global energy demand will grow by 36 percent between 2008 and 2035.
The continuing global growing demand for oil and high price of oil both have validated and reinforced the Topaz strategy to add and develop oil properties in the north and west Texas regions. Topaz recently has announced the consolidation into Topaz of its North Texas shallow oil project, which comprises 543.69 acres with a history of proved producing oil wells, located in Wichita County in North Texas and where it has commenced both multi well work over and drilling programs, and the consolidation of 750 net acres in the oil leg of the Barnett Shale in Montague County also in North Texas.
About Topaz Resources
Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas. The Company's website can be found at www.topazresourcesinc.com.
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 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 development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume 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 we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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