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TOMI Announces Purchase of Twenty Five Percent Working Interest in 950 Acre Producing Gas and Oil Field in the East and Northeast Maxine Fields, Live Oak Texas
TOMI Announces Purchase of Twenty Five Percent Working Interest in 950 Acre Producing Gas and Oil Field in the East and Northeast Maxine Fields, Live Oak Texas.
About this update from Golden Triangle Ventures Inc.
[{"type":"text","content":"\n \n \n TOMI Announces Purchase of Twenty Five Percent Working Interest in 950 Acre Producing Gas and Oil Field in the East and Northeast Maxine Fields, Live Oak Texas\n \n \nTOMI Announces Purchase of Twenty Five Percent Working Interest in 950 Acre Producing Gas and Oil Field in the East and Northeast Maxine Fields, Live Oak Texas\n \n SAN ANTONIO, TX--(Marketwired - Oct 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. \n 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. \n 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 evaluat...