Topaz Resources Completes Consolidation of North Texas Shallow Oil Project
November 17 2010 - 4:00PM
Marketwired
Topaz Resources, Inc. (OTCBB: TOPZ) today announced that it has
completed the final phase of a consolidation into Topaz of a North
Texas shallow oil project by acquiring a lease for 543.69 acres
with a history of proved producing oil wells, located in Wichita
County.
An analysis of logs indicates that the lease and acreage
contains at least 3 productive Cisco Sand horizons at depths of
500, 1,300 and 1,700 feet, with the majority of historical
production coming from the shallower zone. Topaz also anticipates
that further exploration will reveal considerable deeper zone
potential.
Topaz initially will concentrate on completing work overs on the
existing producing wells, and then commence drilling the estimated
12 potential off set well locations, all located in the Cisco Sand
Formation. Topaz also will commence the engineering work and
potentially seismic work to develop a program of drilling new
wells, recompleting existing wellbores and deepening existing
wellbores to test the productive potential of the other known
productive horizons and to exploit the deeper formations.
Adding and developing oil properties in the north and west Texas
regions is a key part of the Topaz strategy to develop a balanced
portfolio of oil and gas properties and to take advantage of the
continuing high price of oil.
About Topaz Resources
Topaz Resources is an independent oil and gas company focusing
on production, acquisitions and developmental drilling
opportunities within proven producing areas of north, central and
west Texas. The Company's website can be found at
www.topazresourcesinc.com.
Notice Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, the
development, costs and results of our exploration program at our
properties and any anticipated future production. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with petroleum exploration and
development stage exploration companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact: Natalie Bannister Investor Relations 573.631.2193
azureriviera@gmail.com
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