South Texas Energy Acquisition
October 18 2013 - 4:33PM
OTC Markets
Houston, TX ? Nexus Energy Services Inc. (PHARD:
OTC Pink)
is excited to announce an acquisition in South Texas from a private
Texas based
oil and gas company for $1.5 million in a combination of cash,
stock and notes,
effective August 1, 2013. This
acquisition consists of a 100 percent of the Working Interest in a
250 acre
lease in the upper and lower Frio Basin.
Chief Financial Officer and Director Loretta Higgins said,
?Based on the
geological and reserve reports, this acquisition will lead Nexus?
entry into
the energy production sector with proven profitability and
potential for future
development.?
Ms. Higgins stated, ?This acquisition
incorporates an
existing cash flow from one producing well and two proven
undeveloped locations
containing upwards of 300,000 barrels of oil.
This information will be reflected in the 2013 annual
report.? The September 2013 annual report will be
made
available on or around October 25, 2013. Ms. Higgins
noted, ?The early release of this annual report signals our
new
commitment to supply timely and accurate information to
shareholders. This annual report will include
restated financial
statements as result of thorough and ongoing examinations of the
books and records
of Pharmstar Pharmaceuticals. This examination
is essential due to an inability to validate previously released
financial
statements."
Investors should be advised that as part of
this internal
review, past quarterly and yearly financial statements can no
longer be relied
upon and a restatement will be published on or about November 8,
2013.
FORWARD-LOOKING
STATEMENTS
The information in this news release includes
certain
forward-looking statements that are based upon assumptions that in
the future
may prove not to have been accurate and are subject to significant
risks and
uncertainties, including statements related to the future financial
performance
of the Company. Although the Company
believes that the expectations reflected in the forward-looking
statements are
reasonable, it can give no assurance that such expectations or any
of its
forward-looking statements will prove to be correct. Factors
that could cause results to differ
include, but are not limited to, successful execution of growth
strategies,
product development and acceptance, the impact of competitive
services and
pricing, general economic conditions, and other risks and
uncertainties
described in the Company's periodic filings with the OTC
Markets.