LULING, TX--(Marketwire - Oct 8, 2012) - TexStar Holdings Inc., a Florida corporation, today announced that it has successfully acquired TexStar Energy Corp., a Texas corporation in a stock for stock transaction, which was closed on September 17th, 2012. TexStar Holdings Inc. f/k/a Southern Cross Resource Group, Inc. Subsequent to the acquisition a new symbol was issued by FINRA, (Symbol-TSTH). The Company hopes to be trading within 90 days.
TexStar Holdings is engaged in the acquisition/development oil and gas interests, with operations located primarily in Texas. The Company believes that its oil and natural gas acquisition / development strategy will provide long-term growth to the Company in the future. Charles Burris, President, stated, "TexStar is excited about becoming a public company as it aligns with our long term goals for our shareholders and we believe it will help our expansion plans."
TexStar Energy Corp. is a newly formed Texas operating company operating as the wholly owned subsidiary of TexStar Holdings Inc., a Florida-based public company engaged in the acquisition and development of oil and natural gas reserves. TexStar Energy Corporation functions as the development arm of its oil and natural gas interests through its base in Luling, Texas. The Company's ultimate strategic focus is to create shareholder value by calculated acquisitions, sound business practices, fundamentals of excellence, prudency, and integrity. TexStar's experienced management team believes the company is well situated to take advantage of the many opportunities that are present in today's energy markets. TexStar feels that with the stabilization of higher than average oil prices, it is well positioned to profit in today's booming energy market.
Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks including but not limited to geological and geophysical risks inherent to the oil and gas industry, uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.
Company and Subsidiary Ratings: BBB D&B
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