SOURCE: Target Energy

Target Energy

February 13, 2015 11:30 ET

Target Energy Provides Corporate Update

WEST PERTH, AUSTRALIA--(Marketwired - February 13, 2015) - US focused oil and gas producer Target Energy Limited ("Target") (OTCQX: TEXQY) (ASX: TEX) announces that Target subsidiary TELA Garwood LP ("TELA Garwood") has filed a lawsuit in the District Court of Harris County (Houston), Texas against Victory Energy Corporation and Aurora Energy Partners ("Victory", "Aurora").

The suit charges that Aurora, acting by and through its general partner, Victory, breached its obligation to purchase certain of TELA Garwood's interests in the West Texas Fairway Project (Howard and Glasscock counties) pursuant to a Purchase and Sale Agreement between TELA Garwood and Aurora dated June 30, 2014 ("PSA"). 

Aurora and TELA Garwood completed a first closing on June 30, 2014, but failed to complete a second closing originally scheduled for July 31, 2014, as a result of Aurora's breaches of its obligations under the PSA.

Managing Director Laurence Roe stated: "We commenced this action after negotiations intended to cause Aurora to comply with its purchase obligations under the PSA were unsuccessful. These negotiations followed Aurora's failure to meet its second closing payment obligations in September 2014. We plan to hold Victory and Aurora accountable for the resulting damages suffered by TELA Garwood." 

Laurence Roe
Managing Director

NOTE: In accordance with ASX Listing Rules, any hydrocarbon reserves and/or drilling update information in this report has been reviewed and signed off by Mr. Laurence Roe, B Sc, Managing Director of Target Energy, who is a member of the Society of Exploration Geophysicists and has over 30 years' experience in the sector. He consents to that information in the form and context in which it appears. Note also that Target reports a thermal equivalent when combining gas and oil production, where 1 BOE = 6mcf.

Contact Information

  • CONTACT INFORMATION:

    USA
    Laurence Roe
    Managing Director (Houston)
    Target Energy
    +1 713 275 9800 direct

    Australia
    Ross Dinsdale
    Business Development Manager (Perth)
    +61 429 702 970 cell
    +61 8 9476 9000 direct