A very strong week for TX Holdings Inc. (OTCBB: TXHG) as the oil and gas company is closing it out strong with a 2 percent gain to $1.02 per share today since opening on Monday with a share price of 75 cents. That’s a weekly gain of 36 percent.
Earlier this week, the company announced in a press release that it has completed the H-15 fluid level pressure tests on the Williams leases. Well numbers a1, 2, 21, 46, 48,49,50,61 as well as the Louie Williams well numbers 17, and 52 were all completed.
“This is one of the many steps we have taken in order start producing these leases,” commented Mark Neuhaus – president and CEO of TXHG – in a press release.
These tests were completed in order to comply with the RRC (Texas Rail Road Commission) prior to putting these wells into production. The purpose of these tests is to confirm the structural integrity of the well is sound and will not leak during the process of extracting the oil from the ground.
“We look forward to sharing more with our shareholders about the next phase of growth as the wells move into production,” concluded Neuhaus.
TXHG also announced earlier this month the formation of a $9 million strategic alliance with Salt Lake City-based Hewitt Energy Group Energy LLC to pursue energy-related activities in Kansas, Oklahoma and Texas.
As part of this alliance, Hewitt Energy Group will contribute projects, each with reserves of 1 to 4 million barrels of infield engineered reserves in exchange for project funding and other considerations.
TXHG is a publicly traded oil and gas production company. The company’s strategy consists of acquiring and developing shallow, low-risk, high-yield oil and gas leases in West Texas, Kansas and Okalahoma. TXHG currently has a majority working interest in over 120 wells divided between five active projects.