SOURCE: Cantex Energy Corp.

CanTex Energy Corp.

February 25, 2011 14:06 ET

CanTex Energy Corp Increases Its Ownership in Val Verde Basin, TX; 6,000 Acre Lease on Big Canyon Prospect

SAN ANTONIO, TX and DALLAS, TX--(Marketwire - February 25, 2011) - CanTex Energy Corp. (PINKSHEETS: CTXE) announced today that, it has acquired additional working interest increasing its leasehold up to 29% of the 6,000 acre lease. Bruce Scambler, CEO, is hopeful that with this increased holding and raising $2.4M of drilling capital the next few months will see CanTex start and complete a well in the West Texas Overthrust, Val Verde Basin, Terrell County, Texas. The initial well will hold all of the 6,000 lease acreage, and is anticipated to allow CanTex to further increase its acreage position. CanTex anticipates reduction by $0.5M on the previously reported Slawson AFE of $2.9M (completed) using a more mobile drilling rig and faster penetrating drill bits. Permitting is scheduled for 3rd quarter 2011.

About CanTex Energy
CanTex Energy Corp. is a rapidly growing diversified independent energy company with new projects from development of up to 180 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. For more information see www.cantex.us.

CanTex Energy Corp. is a Non-Reporting Company, quoted on the Pink Sheets, having filed a Form 211 pursuant to Rule 15c211 under the Exchange Act, with the NASD Compliance Unit. For real-time quotes, how to trade pink sheet stocks, how to protect yourself and additional stock information, please see www.pinksheets.com

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