HOUSTON, April 25, 2013 /PRNewswire/ -- Texas Oil and
Minerals Inc. (PINKSHEETS: TOMI) is pleased to announce that CEO
and President Tom Gouger has issued
the following statement concerning TOMI:
"TOMI is working with its accounting advisers in preparing
the necessary financial documents to meet requirements for TOMI to
reach an OTC 'current' status. This requires the company to
follow the Alternative Reporting Standard or the
International Reporting Standard by making filings publicly
available through the OTC Disclosure & News Service pursuant to
OTC Pink Basic Disclosure Guidelines, designated as OTC Pink
Current Information. OTC Markets provides
disclosure statements and has created OTC Pink Basic Disclosure
Guidelines in order to assist issuers with understanding their
disclosure obligations under the Alternative Reporting
Standard."
In addition, corporate securities counsel is working with
company financial advisers to provide current requirements as
well. A company that follows the Alternative
Reporting Standard and posts a quarterly Attorney
Letter, pursuant to the Attorney Letter Guidelines, will be
classified in the 'Current Information' tier."
The initiatives put forth by Mr. Gouger have been placed into
motion and are scheduled to be completed in short order. The
foregoing administrative efforts are part of the company's plan for
business to ensure shareholder value, to provide more transparency
of company operations, and to allow TOMI to meet the pre-requisites
to allow TOMI to apply for a "Fully-Reporting" status in the
future.
About Texas Oil and Minerals
Texas Oil and Minerals creates value by acquiring and exploiting
reserves in fields specifically targeted for oil and high-rate
return North American clean burning natural gas. We are involved in
prospects that range in value from $1,000,000 to $50,000,000, which include seismic and land
projects, drilling prospects and the purchase of producing
properties. With more than three generations of collective
experience, this team of professional and talented production
personnel can provide innovative exploration and development
solutions focused on creating exceptional returns in oil and gas
ventures through acquisition, exploration, and development.
http://www.texasoilminerals.com.
For Further Information:
Investor Relations
1-866-786-2942
http://www.texasoilminerals.com
Safe Harbor Statement:
This release includes forward-looking statements intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as INCL or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
SOURCE Texas Oil and Minerals Inc.