NYTEX Energy Holdings Announced New Texas Oil Resource Play
DALLAS, Sept. 29, 2011 /PRNewswire/ -- NYTEX Energy Holdings, Inc., (OTCQB: NYTE) announced the acquisition of 5,447 leasehold acres in North Texas to commence development of the Mississippi Lime oil formation at depths between 4,000 and 5,000 feet. NYTEX Energy Holdings' subsidiary NYTEX Petroleum, Inc. is an early entrant into the North Texas Mississippi Lime resource play that has proven to be a prolific oil and liquids rich formation in Kansas and Northern Oklahoma using the horizontal drilling and multi-stage fracture technologies developed in recent years throughout the U.S. shale oil and natural gas plays.
"This leasehold consisting of two contiguous acreage blocks and located in the heart of an emerging and highly competitive leasing area involving large E&P companies represents a significant asset for our early stage oil production subsidiary. Having completed extensive regional geological science, and in view of the high oil production rates by another company's initial horizontal well and the heavy leasing activity by the major shale players, the North Texas Mississippi Lime appears likely to be the same resource play being developed with great success in Kansas and Oklahoma," said Michael Galvis, NYTEX President and CEO.
About NYTEX Energy Holdings
NYTEX Energy Holdings, Inc. is a Dallas-based energy holding company consisting of two wholly-owned subsidiaries, Francis Drilling Fluids, Ltd. ("FDF") and NYTEX Petroleum, Inc. FDF is a thirty-four year old full-service provider of drilling, completion and specialized fluids and specialty additives; technical and environmental support services; industrial cleaning services; equipment rentals; and transportation, handling and storage of fluids and dry products for the oil and gas industry. Headquartered in Crowley, LA, and delivering its products and services from 22 facilities in five states, FDF is a market leader in the transportation of oil and gas well fracturing proppants and a major supplier of liquid drilling and completion fluids in the United States. Within the transportation segment of the oilfield service industry, FDF's fleet is one of the largest. FDF's warehouses, storage capacity, transloading facilities and 13 rail spurs provide proximity access to prominent oil and gas shale plays in several states. NYTEX Petroleum, Inc. is an exploration and production company focusing on early stage development of minor oil and gas resource plays.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning the contemplated transaction and strategic plans, expectations and objectives for future events and operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that NYTEX Energy Holdings expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by NYTEX Energy Holdings based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of NYTEX Energy Holdings. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
NYTEX Energy Holdings, Inc.
Kenneth Conte, 972-770-4700
SOURCE NYTEX Energy Holdings, Inc.