Texhoma Energy, Inc. Agrees To Acquire $500,000 of Oil and Gas Interests From Danish Oil Group
To Acquire Up To An Additional $3.5 Million In Oil And Gas Interests Over The Next 24 Months
SPRING, Texas, Feb. 18, 2015 /PRNewswire/ -- Texhoma Energy, Inc. ("Texhoma") (OTC Pink: TXHE) today announces that it has entered into an agreement with Kris Kon A/S Denmark ("Kris Kon") to acquire USD $500,000 of oil and gas assets by March 1, 2015, and has further agreed that Texhoma will acquire, with the assistance of Kris Kon, an additional USD $3.5 million in oil and gas assets over the next twenty-four months. The oil and gas assets will be in the form of Net Profits Interests in the assets acquired and paid for by the issuance of convertible notes of Texhoma due in two years and convertible into Texhoma common stock at a discount to the market price of such common stock.
Furthermore, Kris Kon has agreed to head an investment committee established by Texhoma to place, on behalf of Texhoma, up to USD $2 million dollars (if and as received) of the USD $5 million equity line previously announced by Texhoma which is agreed to be provided by Southridge Advisors upon the effectiveness of a registration statement relating to such equity line, and subject to the terms and conditions thereof.
Gilbert Steedley, Texhoma's Chief Executive Officer, said, "We are pleased to welcome Kris Kon with its impressive oil and gas credentials to the Texhoma strategy. As WTI oil prices continue to demonstrate weakness, we feel this arrangement with Kris Kon to assist in building Texhoma's oil and gas portfolio is opportune."
Kristen Kondrup, owner and Chief Executive Officer, of Kris Kon A/S, said, "Since inception, Kris Kon has offered its investors more than 100 different oil & gas Working Interest investment projects in the U.S. and currently has above USD $200 million in oil and gas assets under management. We look forward to working with Texhoma on its growth strategy and believe it compliments our own efforts, which include the establishment of the Kris Kon US Oil Fund."
About Kris Kon A/S Denmark and Kris Kon Danish Group
Kris Kon A/S Denmark, was incorporated in Denmark in 1998 and is the largest Danish direct provider of oil and gas rights (Working Interests) from the U.S. to the Danish market. Kris Kon A/S has established Kris Kon Danish Group including Kris Kon US Oil Fund, FT-SV which is a FCP ("fonds commun de placement"), incorporated under the Luxembourg Securitization Law of 22 March 2004. The Fund is securitizing cash flow streams from U.S. oil wells production. The Fund invests in a portfolio of Working Interests in oil wells and will distribute any returns made through the operation of these wells to the investor on a quarterly basis. Investments are made under the main principal of risk diversification.
About Texhoma Energy, Inc.
Texhoma Energy, Inc. is engaged in the acquisition, exploration and production of crude oil and natural gas. The company's primary focus has been on south Louisiana and east Texas, including near-shore Gulf of Mexico. The company recently acquired royalty and non-operating working interests in properties located in Texas. In addition, the company may seek non-oil and gas opportunities as they arise. For further information about Texhoma, please visit www.texhomaenergy.com
Contact information
Texhoma Energy, Inc.
24624 I-45 North, Suite 200
Spring, TX 77386
Phone: 281 719 1995
Email: [email protected]
This press release may contain forward-looking statements, including information about management's view of Texhoma's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Texhoma, its divisions and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. Texhoma cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Texhoma undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Texhoma.
Investor Relations Contact:
Synergy Business Consultants
Phone: 888.259.9173
SOURCE Texhoma Energy, Inc.
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