TX Holdings Inc. (OTCBB: TXHG) announced today the acquisition of a 25 percent interest in the producing property named Perth-Auzzy. The company funded this acquisition with a combination of cash and stock.
The company is ecstatic to have an interest in a proven, producing property and looks forward to reaping the benefits from Perth-Auzzy. TX Holdings also indicated that they will have an additional well on-line by the end of next week producing at similar rates.
W.A. Alexander, Jr. of Oil & Gas Consulting in Broken Arrow, Oklahoma had the following to say about TX Holdings’ new acquisition.
“Yesterday the well produced 68 bo, continuing to increase toward our original estimate of 75 to 100 bopd. FL was consant at 300′ to 400′. Oil and gas production and change in fluid level from 1300′ indicates additional zone(s) contributing to flow. We should have two additional wells on-line by the end of next week (at similar rates). Everything is positive at this point. A greater withdrawal rate should increase oil cut and total oil production,” stated Alexander.
About TX Holdings Inc.
TX Holdings 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, Oklahoma and Louisiana. TX Holdings currently has a working interest in over 100 wells divided between five active projects. For further information, please visit the Company’s website at www.txholdings.com.
Contacts:
TX Holdings Inc. Drew Patzert Shareholder Relations Phone: 480-444-6127 http://www.txholdings.com
Market News First Angela Junell 214-461-3411 ajunell@MN1.com