SOURCE: Topaz Resources, Inc.

Topaz Resources, Inc.

September 20, 2010 14:48 ET

Topaz Resources to Add More Oil Properties to Its Portfolio

DENTON, TX--(Marketwire - September 20, 2010) -  Topaz Resources, Inc. (OTCBB: TOPZ) today announced that it plans to add oil properties in the north and west Texas regions as part of its strategy to develop a balanced portfolio of oil and gas properties and to take advantage of the continuing high price of oil.

The U.S. Energy Information Administration Short-Term Outlook released September 8, 2010 has forecasted that prices for West Texas Intermediate oil, which is the price for the sale of oil produced by Topaz, will increase to a range of $80 to $85 per barrel during 2011.

"Given that oil prices are expected to remain high and therefore very profitable for many years, it is a key part of our strategy to add and develop both shallow and deeper oil properties, particularly with multiple available formations, in our regions of expertise in north and west Texas," commented Ted Munden, President and CEO of Topaz.

About Topaz Resources

Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas. The Company's website can be found at www.topazresourcesinc.com.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Natalie Bannister
    Investor Relations
    573.631.2193
    Email Contact