SOURCE: CanTex Energy Corporation

August 20, 2010 15:05 ET

CanTex Energy Corp. Announces New Management and Letter of Intent to Acquire Bedford Energy Inc.

SAN ANTONIO, TX--(Marketwire - August 20, 2010) - CanTex Energy Corp. (PINKSHEETS: CTXE) (Cusip 138116108) is pleased to announce that it has entered into a letter of intent for the acquisition of Bedford Energy Inc. (PINKSHEETS: BFDE). The completion of the acquisition is anticipated to close before October 20, 2010. The Combined entities complement each other with the seismic skill base of CanTex fitting in with the drilling and operations of Bedford. After closing, the combined entities will have over 250,000 BOE in engineered proven oil and gas reserves behind pipe, and some 1,600,000 BOE in proven undeveloped. 

The Company also announced that effective immediately, Bruce Scambler has been appointed to the Board of Directors and will serve as its Chairman and Company CEO. Harvey Bryant has also been added to the Board of Directors and will serve as the Company's President. Trace Maurin will continue on the Board and will serve as COO with current focus on the Texas Operations and Texas seismic exploration and lease prospect development.

Nature of Issuer's Business:
CanTex Energy Corp. (the Company) is a development stage, independent natural gas and oil company engaged in the acquisition, exploration, and development of natural gas and oil properties in the United States and Canada.

SEC DISCLAIMER

INFORMATION CONTAINED HEREIN MAY CONTAIN FORWARD-LOOKING STATEMENTS WHICH ARE NOT GUARANTEES OF FUTURE SUCCESS OR THAT THERE CANNOT BE LOSSES. THE ACTUAL PRESENCE OR RECOVERABILITY OF RESERVES FOR OPTIMAL AND TIMELY RECOVERY, WELL COSTS OR SCHEDULES OR OTHER MATTERS CANNOT BE PROMISED. THIS RELEASE CONTAINS "SAFE HARBOR" PROVISIONS OF THE US PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 & INVOLVES RISKS & UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ESTIMATED HEREIN.

CANTEX ENERGY CORP. BELIEVES THE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT REASONABLE ASSUMPTIONS BUT CAN GIVE NO ASSURANCE THAT RESULTS WILL BE ACHIEVED. UNPREDICTABLE & UNANTICIPATED RISKS, TRENDS AND UNCERTAINTIES INCLUDING THE INABILITY TO ACCURATELY FORECAST OPERATING RESULTS; THE POTENTIAL INABILITY TO ACHIEVE PROFITS OR HAVE CASH FLOW; ACCESS TO FINANCING; AND OTHER MORE MUST BE UNDERSTOOD. CANTEX ENERGY CORP. ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT FORWARD-LOOKING STATEMENTS THAT BECOME UNTRUE BECAUSE OF SUBSQUENT EVENTS.

Contact Information

  • CONTACT:
    CanTex Energy Corp.
    27079 Karsch Road
    Boerne, TX 78006
    210-639-3156