SOURCE: Cantex Energy Corp.

CanTex Energy Corp.

March 03, 2011 13:35 ET

CanTex Energy Completes Second Installment on Terms to Acquire 400 MW of Prime Wind Farm Leases Near Lubbock West Texas

SAN ANTONIO, TX and DALLAS, TX--(Marketwire - March 3, 2011) -  CanTex Energy Corp. (PINKSHEETS: CTXE) announced today that it has completed the second installment of payments to WIND TEX ENERGY for the exclusive rights to lease an additional 30,000 acres (total of 56,000 acres) of leases to the Lynn and Lenorah wind projects with a total of 400 MW capacity. The company initially will apply for an Interconnect Agreement and use existing transmission line capacity with a Southwest Power Pool (SPP) Power Purchase Agreement (PPA) on the Lynn location. Both projects will be able to supply into ERCOT when the Central location of the competitive renewable energy zone (CREZ) transmission line is completed by early 2013, connecting at the Long Draw 345 Kv Switching Station in Borden County, Texas. (www.ercot.com -- CREZ Transmission Optimization Study). The project financing will require $25 M pre-construction and $810 M to construct the wind farms. Plans are to install 2.75 - 3.0 MW Turbines. The Garrad Hassan wind data analysis has a 39% production capacity on 180ft towers. This is expected to increase 20-30% on 240 ft towers for no additional capital cost/MW and lower operating costs/MW.

The Lynn Project on 26,000 acres near New Lynn, Lynn County Texas will have an installed wind energy capacity of 180 megawatts, estimated annual average energy yield of 615,000 MW per hour.

The Lenorah wind project on 30,000 acres is located 20 miles east of Midland, Texas. It is adjacent to a currently operating wind project. All project land is leased with a wind energy capacity of 220 MW, estimated annual average energy yield of 750,000 MWhr.

About Cantex Energy
CanTex Energy Corp. is a rapidly growing diversified independent energy company, with new projects from development of up to 400 MW Texas wind power to Texas and Oklahoma oil and gas development and exploration. CanTex has company offices in Oklahoma City, Dallas, and San Antonio, Texas. CanTex Energy Corp. is a Non-Reporting Company, quoted on the Pink Sheets. For more information see www.cantex.us

EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS IN THE PRIVATE SECURITIES LEGISLATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, WHICH MAY CAUSE CANTEX ENERGY'S ACTUAL RESULTS IN FUTURE PERIODS TO DIFFER MATERIALLY FROM FORECASTED RESULTS. THESE RISKS AND UNCERTAINTIES INCLUDE, AMONG OTHER THINGS: THE POTENTIAL THAT NO COMMERCIAL QUANTITIES OF OIL ARE FOUND OR RECOVERABLE, THE PRICE OF OIL AND GAS, GEOLOGICAL PROBLEMS THAT PREVENT US FROM REACHING DRILLING TARGETS AND SPECIFIC RISKS SUCH AS THE COMPANY'S ABILITY TO RAISE FINANCING AND RISKS INHERENT IN CANTEX ENERGY'S OPERATIONS. THESE AND OTHER RISKS ARE DESCRIBED IN CANTEX ENERGY'S FORM 15C211 AND OTHER FILINGS WITH THE NASD AND SECURITIES AND EXCHANGE COMMISSION.

Contact Information

  • Contact:
    CanTex Energy Corp.
    6301 Waterford Blvd. Ste. 403
    Oklahoma City, OK 73118
    (405) 601-9745