SOURCE: TexCom, Inc.

TexCom, Inc.

December 21, 2009 08:51 ET

TexCom Consolidates Ownership in Class II E & P Disposal Business

HOUSTON, TX--(Marketwire - December 21, 2009) - TexCom, Inc. (PINKSHEETS: TEXC) today announced that its consolidation of minority interests in its class II oil & gas waste disposal business is nearing completion. As a result of a transaction Friday, December 18, only 104,000 out of an original 1,000,000 shares in MB Energy Services, Inc. ("MBI") remain in the hands of minority shareholders.

In this latest transaction, TexCom's subsidiary also obtained an exclusive option to purchase the remaining shares in MBI that it does not own on or before May 1, 2010.

TexCom announced in September that a subsidiary had secured a privately placed debt financing for up to $9 million though Matador Capital Partners, LLC of Dallas, Texas to be used for consolidation of ownership interests in M.B. Energy, LLC ("MBLLC"), its Class II oil & gas waste disposal subsidiary in Chambers County, Texas, and MBI, its majority shareholder. The financing transaction involved the creation of a new TexCom subsidiary, M.B. Environmental Services, LLC ("MBES"), which secured the financing.

MBLLC's EBITDA in 2008 increased to $4.1 million from $1.7 million in 2007. In spite of the steep decline in rig count in the oil & gas industry, MBLLC has been able to maintain sales and earnings levels throughout 2009 in a very depressed market. MBES's 2009 EBITDA is expected to reach $4.3 Million.

ABOUT TEXCOM

TexCom, Inc., headquartered in Houston, Texas, is a growth-oriented company with its primary focus on the production of biodiesel and the disposal of nonhazardous wastes. Domestically, TexCom disposes of nonhazardous materials generated by oil and gas exploration and production and is expanding its interests in disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries.

ABOUT MBES

MBES is a Class II nonhazardous oilfield waste (NOW) disposal company providing disposal service for the oil and gas exploration industry in East Texas and the Gulf of Mexico since 1997.

ABOUT MATADOR CAPITAL PARTNERS, LLC

Matador Capital Partners, LLC is a private investment company and merchant bank headquartered in Dallas, Texas. Matador is focused in energy and energy services, as well as other investment areas.

Forward-Looking Statements

Statements contained herein and the information incorporated by reference herein may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, "may," "will," "expect," "anticipate," "estimate," "would be," "believe," or "continue" or the negative or other variations of comparable terminology. We intend such forward-looking statements to be covered by the safe harbor provisions applicable to forward-looking statements contained in Section 21E of the Exchange Act. Such statements (none of which is intended as a guarantee of performance) are subject to certain assumptions, risks and uncertainties, which could cause our actual future results, achievements or transactions to differ materially from those projected or anticipated.

Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts.

These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. TexCom cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those TexCom expects include changes in soybean, canola and crude oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business.

Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no duty to update these forward-looking statements.

Contact Information

  • Contacts:
    TexCom, Inc.
    Management contact
    Britt Brooks
    EVP
    713-914-9193
    Email Contact