Texhoma Increases its Interest in Clovelly South
February 02 2006 - 11:11PM
Business Wire
Texhoma Energy, Inc. ("Texhoma") (PINK SHEETS:TXHE) is pleased to
announce that it has entered into an agreement to acquire a further
5% working interest in "Clovelly South", increasing its total
interest to 11%. Texhoma's financial obligation under the operating
agreement is now approximately $400,000. The prospect is located in
Lafourche Parish, Louisiana and operated by ORX Resources, Inc. It
is expected that drilling of the prospect will commence as soon as
a rig is available. The prospect is defined by 3D seismic and is
adjacent to the Clovelly Field which has produced 35 million
barrels of oil and 200 billion cubic feet of gas since its
discovery in the 1950s. The drilling targets are two reservoirs at
a depth of approximately 14,000 feet. The prospective size is
estimated at 3.6 million barrels. In the event of a discovery,
facilities for the production of the well are available. A
discovery would lead to the drilling of several development wells
on the 1260 acre property. 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. (OTC Bulletin Board:TXHE)
Texhoma Energy (CE) (USOTC:TXHE)
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