|By Marketwired .||
|April 24, 2014 06:03 PM EDT||
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.
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.
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