SOURCE: West Texas Resources Inc.

April 11, 2016 09:30 ET

West Texas Resources Enters Letter of Intent to Acquire Louisiana Oil and Gas Properties

FRISCO, TX--(Marketwired - April 11, 2016) - West Texas Resources, Inc. (OTCQX: WTXR), a Texas-based independent oil and gas company, today announced that it has entered into a Letter of Intent ("LOI") with MORANSCO Energy Corporation of Shreveport, Louisiana to acquire The Dixie/Dzurich Production. The LOI involves West Texas Resources acquiring 100% working interest (82.3% net revenue) of 57 wells on approximately 3,841 acres in the State of Louisiana. The acquisition will be an all cash transaction and expected to close June 30, 2016. 

J.D. Kerr, CEO of West Texas Resources, said, "The Dixie/Dzurich acquisition represents the culmination of a great deal of work by all the parties involved and we are very pleased with this outcome. Our company continues to search for and identify attractive opportunities, particularly in this very stressful time for other oil and gas operators. West Texas Resources remains aggressive in its pursuit of undervalued oil and gas properties to acquire and by doing so build shareholder value." 

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, 2014 filed with the SEC on January 14, 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
    President and CEO
    West Texas Resources, Inc.
    (972) 832-1831