SOURCE: West Texas Resources, Inc.

May 12, 2016 12:34 ET

West Texas Resources Acquires East Texas Oil and Gas Property

FRISCO, TX--(Marketwired - May 12, 2016) - West Texas Resources, Inc. (OTCQX: WTXR), a Texas-based independent oil and gas company, today announced its acquisition of a 25% working interest (19.5% net revenue interest) in an East Texas oil and gas property. The property is known as the T.A. Greer lease and includes two tracts of land totaling approximately 407 acres in Panola County, Texas. The property is held by production by two operating wells that the operator plans to re-work commencing in the third quarter. The Company acquired the property from Two Eagles Resources in consideration of the Company's payment of $10,000 and issuance of 60,000 shares of its common stock.

"We welcome mutually-beneficial agreements like those between Two Eagles Resources and West Texas Resources where both parties are committed to working together to develop strategic acquisition opportunities in the oil and gas sector," said J.D. Kerr, CEO of West Texas Resources. "Like others we've made, this acquisition is exciting for us. It builds upon the Company's existing commitment to explore the best use of the Company's skills and resources and serves as a model for future transactions."

About West Texas Resources, Inc.

West Texas Resources, Inc. is engaged in the business of oil and gas exploration and development in North America. The Company's objective is to become an independent energy company engaged in the acquisition, development and exploitation of oil and gas properties in North America in partnership with oil and gas producers. The Company's strategy is to pursue strategic acquisitions of interests in oil and gas properties, including prospects with proven and unproven reserves, which it believes to have development potential. The Company targets both new and existing fields and producing wells to be revitalized.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements concerning West Texas Resources, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding our expectations for the ability to acquire the working interests in operating leases and the profitability of those leases. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that we may not be able to acquire operating leases, the risks that the leases, if acquired, may not be commercially productive, the risk that we may not be able to acquire the additional working capital with which to exploit the acquired leases on commercially reasonable terms, if at all, and those other risks set forth in West Texas Resources' annual report on Form 10-K for the fiscal year ended September 30, 2015 filed with the SEC on December 30, 2015 and subsequently filed quarterly reports on Form 10-Q. West Texas Resources, Inc. cautions readers not to place undue reliance on any forward-looking statements. West Texas Resources, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

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Contact Information

  • Contact information:

    J.D. Kerr
    West Texas Resources, Inc.