SAN ANTONIO, TX-- October 8, 2013 - Texas Oil and Minerals Inc. (OTC Pink: TOMI) announced today that the Company has acquired a twenty five percent (25%) working interest and an eighteen and three quarter percent (18.75%) net revenue interest from Tejones Operating Corporation ("Tejones"), a related party, in a cash and stock transaction valued at One Million Dollars. The leases are located on a 950 acre site known as the Sullivan Tract located in the east and northeast sections of the Maxine fields in Live Oak county Texas. The field has 23 wells that have produced hydrocarbons out of 16 Wilcox Sands. Tejones has operated the Sullivan Unit for over 14 years. The latest geological report strongly support from the available data the existence of two down-to-the-coast faults transecting the Sullivan Tract northeast to southwest along the structural high. The Company will be testing in all the previously productive Wilcox Sands. The historical production of hydrocarbons as provided by the Texas Railroad Commission for the 16 Wilcox Sands for the Sullivan Tract was 2,231,556 barrels of oil and 77.1 billion cubic feet of natural gas. The geological report estimates that the Company should be able to recover half of the previous production in the proposed new well sites. It is estimated that it will take a minimum of four wells to drain the faults of hydrocarbons once commercial production is found.
The Company is currently in the process of completing the necessary financial and non-financial reporting requirements for OTC Markets to bring the filing status to current and have begun pursuing sources of financing for this project as well as renewing negotiations for a working interest and net revenue interest in a well located on the Dewitt property.
Tom Gouger stated, "With this first acquisition in the Sullivan Tract, TOMI has poised itself to come out of the blocks with a cash flow positive working and net revenue interest within a 950 acre site that has not been fully evaluated by the drill bit. This gives the Company not only proven producing wells but the upside potential of commercial production in the Wilcox formation."
About Texas Oil and Minerals
Texas Oil and Minerals creates value by acquiring and exploiting reserves in fields specifically targeted for oil and high-rate return North American clean burning natural gas. We are involved in prospects that range in value from $1,000,000 to $50,000,000, which include seismic and land projects, drilling prospects and the purchase of producing properties. With more than three generations of collective experience, this team of professional and talented production personnel can provide innovative exploration and development solutions focused on creating exceptional returns in oil and gas ventures through acquisition, exploration, and development. http://www.texasoilminerals.com.
Safe Harbor Statement:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as INCL or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Texas Oil and Minerals Inc.
SOURCE: Texas Oil & Minerals, Inc.