HOUSTON, Sept. 20, 2011 /PRNewswire/ -- Texas Oil and Minerals (OTC MARKETS: BNPD), http://www.texasoilandmineralsinc.com reports that the acreage and property description was incorrect in the September 13, 2011 press release. The new development property was incorrectly described as a 258 acre field in the Damon Fields located in Brazoria County, Texas. The actual property is a 227 acre block in Dewitt County, Texas.
Texas Oil and Minerals has begun work on acquiring from an industry source a 25% interest of the leases on a 227 acre block in DeWitt County Texas. This Prospect will test the Wilcox formation and has the potential to produce from multiple producing sands in the immediate area or on this lease itself.
The generating geologist feels the Texas Oil and Minerals can gain structure on a well in the Wilcox that produced more than 55,000 barrels of oil from sands at 7,800 feet. This prospect also has the potential to have 2 to 3 additional locations in this sand and a gas bearing sand.
Texas Oil and Minerals would also like to issue an update regarding FINRA and the name and symbol change the company filed a few weeks ago. FINRA accepted the application and after its initial review has requested further information and documentation from the company. Texas Oil and Minerals is working diligently with its corporate counsel, company officers and transfer agent in providing all requested information. Further updates will be made available as the company tries to complete this process as quickly as possible.
About Texas Oil and Minerals (BNPD)
Texas Oil and Minerals creates value by acquiring and exploiting reserves in fields specifically targeted for oil and high-rate return North American clean burning natural gas. We are involved in prospects that range in value from $1,000,000 to $50,000,000, which include seismic and land projects, drilling prospects and the purchase of producing properties. Our team is comprised of highly skilled industry professionals who leverage their knowledge toward the success of our business. With more than three generations of collective experience, this team of professional and talented production personnel can provide innovative exploration and development solutions focused on creating exceptional returns in oil and gas through acquisition and exploration. www.texasoilandmineralsinc.com
Safe Harbor Statement:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as INCL or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
SOURCE Texas Oil and Minerals