South Texas Oil Company is an Austin-based company that acquires, explores for, and develops domestic oil and natural gas properties. Formerly known as Nutek Oil, Inc., the company changed their name in 2005. Founded in 1998, they process their oil and sell it to Equiva, a division of Shell Oil.
Trading on the OTCBB, South Texas Oil is part of the Oil and Gas Drilling and Exploration industry. Their current market capitalization is $44.17M. They have an interest in 176 wells. They own 91 well properties and related equipment in Texas.
The company’s sales for 2007 were $5,692,900. They have mineral interests in 43,244 acres of oil and gas properties in two states. In northeast Colorado, they have 20,000 acres, primarily in the DJ Basin.
In Texas, the company has 18,000 acres in the south central part of the state. In southwest Texas, they have 5,244 acres in their fold. The Texas properties consist of interests in the Big Foot and Kyote fields of Frio and Atascosa counties. South Texas Oil has two rigs that they will use to help them develop the Bastrop core operating area in south Texas. They are also evaluating existing wellbores in the Giddings Field for possible development.
For the first quarter of 2008, South Texas Oil Company reported oil and gas sales for the quarter-ended March 31, 2008 of $1.9M. This is in comparison to $95,000 in the same period in 2007. The company hopes for continued success in developing their existing properties. They also hope to fuel growth, through their oil and gas exploration efforts, for their shareholders.
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