TexCom Completes 2nd Frio Well and Will Complete 3rd Well Friday
HOUSTON, April 4 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink Sheets: TEXC) today announced that its gas operating subsidiary TexCom Partners, LLC has completed its 2nd well, the McCann T-3. The T-3 was drilled to a total depth of 6,388 Ft. and completed in the Middle Frio at 5,922 Ft. The well tested at a flowing rate of 932 Mcf. per day through a 10/64th's choke. The T-3 is expected to go online this week. TexCom's prior well, the McCan T-2, continued to flow yesterday at a rate of 740 Mcf. per day. The McCan T-2 has been online for 21 days and had produced 16.1 Mmcf to date. These wells are part of a TexCom drilling program on a 3,086 acre holding in the McFaddin North Field in Victoria County, Texas. TexCom operates the well and owns a 16% working interest prior to well payout and a 32% interest thereafter. TexCom expects to complete its 3rd well later this week, the McCann T-4. The T-4 reached a total depth of 6,270 ft. and shows good potential in three zones. TexCom's 4th drill, the McCan T-5 is expected to spud today. Expectations are that drilling on the McCan T-5 will be to a depth of 6,500 feet and completed within three to four weeks. Britt Brooks of TexCom Operating stated, "We remain enthusiastic as a result of our success in Victoria County and plan to continue our natural gas expansion. We continue building our traditional business in energy to serve as a platform for expansion into Biodiesel." About TexCom TexCom, Inc. is headquartered in Houston, Texas and is an early-stage, growth-oriented company with its primary focus on the production of biodiesel. TexCom also has interests in liquid waste disposal servicing the petrochemical and drilling industries. Additionally, the company is engaged in exploration and production of oil and gas through its wholly owned subsidiary TexCom Partners, LLC. Forward-Looking Statements Statements contained herein and the information incorporated by reference herein may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, "may," "will," "expect," "anticipate," "estimate," "would be," "believe," or "continue" or the negative or other variations of comparable terminology. We intend such forward-looking statements to be covered by the safe harbor provisions applicable to forward-looking statements contained in Section 21E of the Exchange Act. Such statements (none of which is intended as a guarantee of performance) are subject to certain assumptions, risks and uncertainties, which could cause our actual future results, achievements or transactions to differ materially from those projected or anticipated. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. TexCom cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those TexCom expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no duty to update these forward-looking statements. Cautionary Note to U.S. Investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms herein, such as "probable", "possible", "recoverable", "risked" among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Readers are urged to carefully review and consider the various disclosures made by use which attempt to advise interested parties of the additional factors which may affect our business. Contacts: Greg Noble Brad Barker Greg@tcri.net Brad@tcri.net
SOURCE TexCom, Inc.
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