SOURCE: TexCom, Inc.

TexCom, Inc.

October 11, 2010 08:21 ET

TexCom, Inc. Expands Site Acreage by 62% in Chambers County

HOUSTON, TX--(Marketwire - October 11, 2010) -  TexCom, Inc. (PINKSHEETS: TEXC) ("TexCom" or the "Company"), an environmental services company for the oil and gas industry, today announced that it is signing a Letter of Intent to Purchase approximately 5 additional acres for purposes of expanding its Class II Non-hazardous Oilfield Waste (NOW) site in Chambers County, Texas. 

The additional property to be purchased consists of 5 acres immediately adjacent to its current operations. A need for significantly more off-loading space and facilities have been driven by sharp increases in the number of drilling rigs operating in Texas and Louisiana. According to Baker Hughes International, the October 8, 2010 Texas Drilling Rig Count was 727 vs. 411 in the week ending October 9, 2009, up 77%. In Louisiana, the October 8, 2010 Rig Count was 183, up 12% from 164 on October 9, 2009.

As an environmental company that handles waste by-products from drilling, drilling mud and drilling fluids that contain large amounts of suspended solids, TexCom is positioned to benefit from this sharp increase in drilling. 

TexCom will use the additional space to provide: more onsite parking, larger truck receiving areas, increased tankage for saltwater storage and additional concrete off-loading pits all designed to increase the speed and number of off-loadings that can take place in a given period of time.

Lou Ross, the Company's President, stated, "The need for us to process more trucks per hour is the driver for our expansion. Drilling our second well was a key to increasing our near term growth capability and providing better service to our Energy clients. Now we must expand off-loading capabilities to meet our increased injection capacity. We are intent on continuing our growth process through the provision of additional services to our customers and the physical expansion of our operations to emerging oilfields for those same customers. Adding to the footprint of our current site and developing additional sites will be extremely beneficial to our customers and ourselves. We intend to meet our customers' needs for smooth, efficient off-loading and disposal of oilfield waste in our current East Texas market and in the new, developing oilfields that promise to reduce America's dependence on foreign oil. When we spend dollars for U.S. oil, those dollars create jobs, reduce our dependence on foreign oil and improve our balance of payments. There is no doubt that the new oil discoveries onshore in the U.S. are greatly beneficial to TexCom and our economy."

In the coming weeks, TexCom will be performing environmental due diligence and standard pre-purchase data gathering prior to completing the transaction and expansion. The transaction is subject to the parties respective due diligence investigations and the entry into a final Definitive Agreement on customary terms. There is no assurance that the transaction will be completed as planned or at all.

About TexCom

TexCom, Inc., headquartered in Houston, Texas, is a growth-oriented company with its primary focus on the disposal of nonhazardous wastes and production of biodiesel. 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. 

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.

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Contact Information

  • Contact:
    TexCom, Inc.
    Management contact
    Britt Brooks
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