SOURCE: XR Energy

December 02, 2016 08:00 ET

XR Energy Announces LOI to Purchase New York Based Real Estate Investment and Management Company

IRVING, TX--(Marketwired - Dec 2, 2016) - XR Energy, Inc., (OTCQB: XREG) is pleased to announce that the Company has entered an agreement subject to due diligence and other contingencies, to purchase a New York based real estate holding and property management company. Details of the transaction will be more fully disclosed upon completion of further due diligence and documentation.

The oil industry and real estate businesses are intricately linked, with oil prices still in fluctuation, the purpose of the acquisition is to add diversity to our business and a further source of revenue for the Company. This acquisition will allow us to continue to grow our business while adding core real estate assets to either lease or manage for others.

About XR Energy

XR Energy is an independently registered publicly traded company (OTCQB: XREG) in the oil and gas industry. The focus of our business is to explore, develop, enhance and remediate multiple oil and gas properties that have proven available reserves, using and our state-of-the-art technologies and techniques. XR Energy is currently focused on various property assets in the State of Texas and is constantly looking to acquire new opportunities that fit our parameters through the enhanced production of existing properties with proven reserves. XR Energy has acquired several properties, with staged in plans for remediation, work over, water flood, and new drilling development programs and is planning further Oil property acquisitions. Our seasoned management team only chooses properties that can be enhanced by rework of the existing wells, thus increasing the company's cash flow and the value of our lease for our shareholders.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as "expects", "intends'', "believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Contact Information

  • Contact:
    XR Energy
    Investor Relations
    (469) 706-9860