Texhoma Divests BSP and is Preparing Revised Financials
January 31 2006 - 11:45PM
Business Wire
Texhoma Energy, Inc. ("Texhoma") (PINK SHEETS:TXHE) wishes to
inform its shareholders that it has divested its shareholding in
Black Swan Petroleum (BSP). BSP conducted, for its joint venture
partners, the drilling operations in Thailand which were
unsuccessful in March 2005. The Company had announced in its 10-QSB
report, for the quarterly period ended June 30, 2005 that it had
written off the investment in BSP and would no longer be
participating in exploration in Thailand but instead focus on
business opportunities in the US, in particular Texas and
Louisiana. The shares in BSP were divested for no consideration,
effective December 31, 2005. As per the Company's previous
announcement made on August 25, 2005 in relation to its trading
status the Company is now preparing revised financials, which
provide information on BSP as has been required by the SEC. Until
such time, the Company will remain on the "Pink Sheets". The
Company intends to apply for re-quotation on the OTC-BB after
filing such statements and assuming the SEC accepts such financial
statements and related filings, expects such re-quotation to take
approximately 3 months. For further information, please contact the
undersigned. Texhoma Energy, Inc. Frank A. Jacobs, Executive
Chairman Safe Harbor Statement: "This News Release may include
forward-looking statements within the meaning of section 27A of the
United States Securities Act of 1933, as amended, and section 21E
of the United States Securities and Exchange Act of 1934, as
amended, with respect to corporate objectives, projections,
estimates, operations, acquisition and development of various
interests and certain other matters. These statements are made
under the "Safe Harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 and involve risks and
uncertainties which could cause actual results to differ materially
from those in the forward-looking statements contained herein."
Texhoma Energy, Inc. (PINK SHEETS:TXHE)
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