SOURCE: TexStar Energy Corporation
LULING, TX--(Marketwire - Jul 23, 2012) - TexStar Energy Corporation today announced the acquisition of 20 wells in Caldwell County, TX in which TexStar has retained a 20% carried working interest being a 15% net revenue in the wells. TexStar Energy commissioned Geologic (a geological engineering company) to evaluate the wells' potential. Geologic's report concluded, "The A.J. Carter Lease is a multi-well (20 wells) re-stimulation project for the shallow (2100-2300') Austin Chalk Reservoir. The A.J. Carter Lease, located in the Dunlap-Spiller field area, has produced 475,000+ BO. Based on 'Core and Log Analysis,' the Targeted Remaining Reserves are 1,625,000 BO. The A.J. Carter Lease is ideally located along the up‐thrown side of the Dunlap Fault thereby, increasing the productive potential of the Austin Chalk Reservoir and maximizing per well production."
TexStar Energy Corporation is engaged in the oil and gas business, with operations located primarily in Texas. The Company's ultimate strategic focus is the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. Charles Burris, President, stated, "We have worked diligently to become a recognizable force in today's energy market. TexStar was able to have a very successful beginning of 2012 through mergers, acquisitions and overall growth."
TexStar Energy is a Texas based oil and natural gas exploration company. TexStar and its experienced management team are well situated to take advantage of the many opportunities that are present in today's energy markets. TexStar feels that with the stabilization of higher than average oil prices, it is positioned to profit in today's booming energy market.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those, described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Company Ratings: BBB D&B
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