HOUSTON, May 30, 2013 /PRNewswire/ -- Texas Oil and Minerals Inc. (PINKSHEETS: TOMI.pk) is pleased to announce that CEO and President Tom Gouger has issued the following statement concerning TOMI:
"TOMI is working with its accounting advisers in preparing the necessary financial documents to meet requirements for TOMI to reach an OTC 'current' status. This requires the company to follow the Alternative Reporting Standard or the International Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Pink Basic Disclosure Guidelines, designated as OTC Pink Current Information. OTC Markets provides disclosure statements and has created OTC Pink Basic Disclosure Guidelines in order to assist issuers with understanding their disclosure obligations under the Alternative Reporting Standard."
In addition, corporate securities counsel is working with company financial advisers to provide current requirements as well. A company that follows the Alternative Reporting Standard and posts a quarterly Attorney Letter, pursuant to the Attorney Letter Guidelines, will be classified in the 'Current Information' tier."
The initiatives put forth by Mr. Gouger have been placed into motion and are scheduled to be completed in short order. The foregoing administrative efforts are part of the company's plan for business to ensure shareholder value, to provide more transparency of company operations, and to allow TOMI to meet the pre-requisites to allow TOMI to apply for a "Fully-Reporting" status in the future.
About Texas Oil and Minerals
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. 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 ventures through acquisition, exploration, and development.
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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 Inc.