Welcome!

News Feed Item

XR Energy, Inc. Enters Completion Phase of Acquisition of Producing Oil Assets

Appoints Experienced Board and Executive Officers

IRVING, TX -- (Marketwired) -- 04/24/14 -- 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: [email protected]

Visit our website at www.xrenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...