HOUSTON, Sept. 13, 2011 /PRNewswire/ -- Texas Oil and Minerals (OTC MARKETS: BNPD), http://www.texasoilandmineralsinc.com, is pleased to announce that it has signed a binding Letter of Intent to develop a 258 acre field located in Damon Mound Field in Brazoria County Texas. This will be the 2nd Acquisition for Texas Oil and Minerals in the high producing Damon Mound Field.
The Damon Mound Field is located on a Salt Dome which was discovered in 1915 but not developed until 1925. Since that time there have been hundreds of wells drilled, which produce from a number of different horizons including the Het Limestone, Catahoula, Frio, Vicksburg and the Miocene. The dome has produced over 5.6 million barrels from these sand with the average well producing around 60,000 barrels per well.
"We are very pleased with our initial acquisition's and believe this additional acquisition continues the company's development plans to further increase the asset and cash flow models," stated Tom Gouger, CEO of Texas Oil and Minerals.
The existing wells and will be re-entered and cleaned up to enhance pressure to expedite recovery. The Company plans to commence drilling at the beginning of the 1st quarter of 2012. The Company has agreed to make all and best efforts to complete and execute the Definitive Agreements to acquire this lease from the current lease holders by September 30, 2011.
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