XR Energy, Inc. Enters Completion Phase of Acquisition of Producing Oil Assets
24 Abril 2014 - 7:02PM
Marketwired
XR Energy, Inc. Enters Completion Phase of Acquisition of Producing
Oil Assets
Appoints Experienced Board and Executive Officers
IRVING, TX--(Marketwired - Apr 24, 2014) - XR Energy,
Inc. (OTCQB: XREG) is pleased to announce that the
acquisition of 100% of the Common Shares of XR of Texas, LLC.,
("XRT") making XR of Texas, LLC a wholly owned subsidiary
of XR Energy, Inc. is about complete and all closing documents
should be completed by the end of the month, April 30, 2014. The
Company has now appointed the new board and the executive
management team is now in place to move this project forward. XRT
owns various Oil assets in the State of Texas. This acquisition was
entered into on March 11, 2014 and announced with a 8K filing on
March 24, 2014 in accordance with the Plan of Acquisition that the
Company entered into on December 18, 2013 and announced with a 8K
filing on December 24, 2013, the Company's intent to acquire these
assets.
Under the terms of the Acquisition Agreement, XREG is delivering
to XRT, 30,000,000 newly issued shares in the name of XRT
Shareholders in exchange for 100% of the XRT shares. Concurrently,
the XREG controlling shareholder has delivered and assigned
19,000,000 shares registered in his name to XREG for cancellation
leaving a total of 33,818,800 Common shares issued and
outstanding.
Under this structure, XREG will now own the following Oil Assets
through its wholly owned operating subsidiary XR of Texas, LLC.
Chrane Leases: These Oil Producing Leases are located in Taylor
County, Texas. The 480 acre Property consists of 9 existing
wells on line with oil production from the Cooksand Formation at
approximately a 3,000 foot depth. There are 7 Producing Wells
(PDP), 2 non-producing wells, and 9 undeveloped locations available
for new drilling. There exists four additional probable behind pipe
zones.
Burnett Tidewater Lease: This Lease is located in Wichita
County, Texas. The 400 acre Property consists of 23 existing wells
with 2 on line with minimal current production from the shallow pay
Gunsite Formation at depths of 480 to 1800 feet. There are 21 wells
that are candidates for restoration via a waterflood
stimulation program. 3 additional disposal wells are on site with a
further 14 undeveloped locations available for new drilling.
Brown Snyder Lease: This Lease is located in Jones County,
Texas. The 340 acre Property consist of 11 existing wells with
2 on line, with oil production from the Swastika Sand Formation at
approximately a 2,800 foot depth. There are 8 wells that are
candidates for restoration via frac stimulation. 3 disposal wells
exist on site with a further 12 probable undeveloped locations
available for new drilling.
As part of the acquisition agreement the Company has appointed 2
new seasoned Oil Executives to the Board and as officers of the
Company to lead the development of these assets and to pursue
additional acquisitions.
Mr. Akram Chaudhary has been appointed to the Board and is the
new President and Chief Executive Officer. He is also the President
and Chief Operating Officer Of Chanwest Oil Corporation, a Texas
Corporation, Since 1989. The company operates oil and gas leases in
Texas, Oklahoma, and New Mexico. In 2002 Mr. Chaudhary formed Capco
Resources of Texas Inc. which purchases and sells Oil and Gas
Leases. Mr. Chaudhary is also the operating Manager of Sterling
Royalties LLC which holds oil and gas interests. Mr. Chaudhary has
over 40 years experience in the Oil and Gas Industry in Canada and
the United States of America and has been an Officer and Director
of Public Trading Companies. Mr. Chaudhary is a resident of the
Dallas area.
Mr. David Taylor has been appointed to the Board and is the new
Secretary, Treasurer, Principal financial and Accounting Officer.
Since 2009 he has been a consultant to various companies in the oil
and gas industry in Texas and Louisiana primarily in the accounting
field and in field operations. From 2005 to 2009, Mr. Taylor was
President of an Oilfield Service Operating Company in Louisiana.
Mr. Taylor has 40 years of experience in the mineral extraction
industry in Canada and the United States of America with private
and publicly traded companies. He is a resident of the Dallas
area.
"We are very pleased to be part of this new Company and are very
excited about the potential of these producing properties," stated
Akram Chaudhary, President and CEO of XR Energy, Inc., who added, "
I look forward to announcing in the near future our plans as to how
we plan to increase the production on these leases, and our
acquisition plans of additional properties to increase our
shareholder value."
XR Energy is a well positioned independently registered publicly
traded company (OTCBB: XREG) in the oil and gas industry. The focus
of our business is to explore, develop, enhance, and remediate
multiple oil and gas properties that have proven, available
reserves, using our state-of-the-art technologies and
techniques. XR Energy is currently focused on various property
assets in the State of Texas and is constantly looking to acquire
new opportunities that fit our parameters through the enhanced
production of existing properties with proven reserves. XR
Energy has acquired several properties, with staged in plans for
remediation, workover, waterflood, and new drilling development
programs and is planning further Oil property
acquisitions. Our seasoned management team only chooses
properties that can be enhanced by rework of the existing wells,
thus increasing the company's cash flow and the value of the leases
as well.
Forward-Looking Statements
Statements in this press release that are not strictly
historical in nature are forward-looking statements. These
statements are only predictions based on current information and
expectations and involve a number of risks and uncertainties.
Forward-looking statements in this release include that we are
about to manufacture our products, we can compete in the energy
storage business, and our products will provide an energy storage
solution to industry. The Company's products involve detailed
proprietary and engineering knowledge and specific customer
adoption criteria, hence factors that could cause actual results to
be materially different include that we may be unsuccessful in
raising any additional capital needs that may arise; we may not
have sufficient capital to develop, produce and deliver orders;
orders that are placed may be cancelled; product may not perform as
well as expected; markets may not develop as quickly as anticipated
or at all; or that the productive capacity of the company may not
be large enough to handle market demand. Further, we are reliant on
certain key employees who may leave the Company and we may be
unable to protect or defend our intellectual property. Investors
are cautioned against placing undue reliance on forward-looking
statements. Refer to all public filings and risk factors included
in the 8-K, 10-Q and 10-K as filed with the SEC.
For Further Information Contact: XR Energy Inc. 8411 Sterling
Street, Suite 102 Irving, TX 75063 Telephone: (972)929-4444 Fax:
(972)929-2244 Email: info@XREnergy.com Visit our website at
www.xrenergy.com
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