HOUSTON, July 15, 2002 (PRIMEZONE) -- TexEn Oil & Gas, Inc. (OTCBB:TXEO) today announced, the completion of the Company's acquisition of Texas Brookshire Partners, Inc ("TBP") of Texas. Texas Brookshire Partners, Inc. (TBP), has a 79.7% working interest ownership in approximately 1,440 gross leasehold acres and 550 net leasehold acres in the Brookshire Salt Dome Field of Waller County, Texas. The working interest ownership position owns various interests in 26 wells that have been drilled to date and one(1)water injection well. Production from these properties over the last 10 months has averaged approximately 150 barrels of oil per day and 50 mcf of gas per day, with revenues averaging approximately $80,000 per month us. Additional development is planned in order to drill the leasehold acreage before renewal of the leases.
The Brookshire Salt Dome is a large (8000 acres) and relatively shallow (3200 feet) piercement salt dome located about 35 miles from the Company's head office in Houston. The wells drilled to date on the lease where on an area of less than 40 acres and all were completed in Miocene and Frio sand at between 1700 feet and 3300 feet depth. The shallow drilling will allow for well drilling and completion costs to be kept at an average of US$200,000 or less.
Bob Baker, President and CEO of TexEn stated: "this first acquisition reflects the Company's new direction and business. Also in consideration for the acquisition of Texas Brookshire Partners the Company will be issuing 15,376,103 restricted common shares of the Company. The Company has accepted the cancellation of 15,376,103 restricted common shares owned by Harry P. Gamble."
About TexEn Oil & Gas, Inc.
TexEn is a development stage company formed to acquire, develop and operate oil and gas properties.
This press release contains forward-looking statements within the Meaning of The Private Securities Litigation Reform Act of 1995 (the Act). These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the company's business and prospects and cause actual results to differ materially from these statements.