KATY, Texas--(BUSINESS WIRE)-- Explortex Energy, Inc. (Pink Sheets:EXPX.pk - News) is please to announce that it has released a preliminary geological and engineering evaluation on the Greenwood Waskom Mooringsport Field, in Caddo Parish, Louisiana.
The November 2008 evaluation prepared by Kent S. Castagno, Petroleum Geologist License #5642, of Tyler TX, determines the oil-in-place to be 15,085,520 BO (Barrels of Oil). The field had a primary production of 3,527,052 BO as of December 1966. Through a secondary water flood operation, the field produced a cumulative production of 5,007,882 BO.
The company intends on investing capital into the recompletion of these existing wells and increasing the current daily flow rates. The pro forma statements in the report were priced at a $40 oil price, and as such the company will be revising the numbers to reflect current oil prices. Oil closed at approximately $88 on September 12, 2011.
About Explortex Energy, Inc.
Explortex Energy, Inc. based in Katy TX, is an independent oil and gas exploration company with North American operations. Explortex practices a sensible and intelligent approach to oil and gas exploration which helps ensure a closely monitored cash-flow while providing direct, singular access to a roster of qualified engineers, drilling and development specialists, geologists and geophysicists. Explortex is a company that is poised to take advantage of the current market pricing of oil which has created new opportunities to bring online, proven undeveloped reserves, with very little downside risk to the company. The company's primary operating philosophy is to develop low risk, high yield, under-developed oil reserves utilizing the most current technology available. Explortex’s securities may be purchased through any licensed broker or financial institution.
Safe Harbor:
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
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