HOUSTON, March 9 /PRNewswire-FirstCall/ -- TexCom, Inc.
(OTC Pink Sheets: TEXC) today announced that its gas operating subsidiary,
TexCom Partners, LLC, is producing the McCan T-2 at a rate of 750 Mcf per day.
Internal estimated reserves for the McCan T-2 well are between 1.5 and 2.0
As previously announced, the McCan T-2 was drilled to 6,230 ft. and
ultimately perforated in a Middle Frio Sand at 5,597 Ft. Well logs indicate
multiple zones that will be suitable for further development in the future.
The McCan T-2 was drilled 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 is currently in the process of completing and testing a 2nd well,
the McCan T-3, at a depth of 5922 feet.
A new well, the McCan T-4, was spudded Monday March 6, 2006, and is
currently at a depth of 930 feet. Expectations are that drilling on the McCan
T-4 will be to a depth of 6,500 feet and completed within three weeks.
Britt Brooks of TexCom Operating stated, "Given the current commodity
pricing environment, we want to increase our interest in this play. This area
meets all of our criteria, including: the ability to drill multiple wells,
attractive risk/reward ratios, and a chance to drill a deep test into the
deeper Vicksburg and Wilcox plays that have proven so prolific in South Texas.
Our drilling partnership provides for increased shareholder value without
dilution, and helps pave the way for our push into Biodiesel Production. We
expect to continue our push in Natural Gas production and hope to drill a well
every few weeks for the foreseeable future."
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
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
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 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.
Greg Noble Brad Barker
SOURCE TexCom, Inc.