Austin, Texas, Oct. 10, 2014 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE
Texas Vanguard Oil Company (Pink Sheets: TVOC) announced that it has received the results of a second independent valuation of its non -operated oil and gas properties. The second report valued its non-operated properties as of November 1, 2014, at $ 1,641,000.
The Company had originally valued its reserves as of June 1, 2014, at $1,996,400, based on a valuation performed by an independent petroleum engineer who had prepared its annual reserve valuations since 2007. The primary reason for the drop in valuation is the fall of oil and gas prices by approximately $10 per barrel of oil since its first valuation.
The Company intends to proceed with a vote on its previously announced merger proposal at a continuation of its meeting on October 15, 2014. The meeting on October 15, 2014, will be held at the office of Strasburger & Price, LLP, 720 Brazos Street, Suite 700, Austin, Texas 78701.