TOMI Buys WI In Producing Maxine Fields In Texas

摘要

Texas Oil and Minerals Inc. (OTC: TOMI) has acquired 25% working interest and 18.75% net revenue interest in leases in Live Oak County, Texas, from Tejones Operating Corp. for $1 million in cash and stock, the company announced on Oct. 8. The leases are located on a 950-acre site known as the Sullivan Tract located in the east and northeast sections of the Maxine fields in Live Oak County. The field has 23 wells that have produced hydrocarbons out of 16 Wilcox Sands. Tejones has operated the Sullivan Unit for over 14 years. The latest geological report strongly support from the available data the existence of two down-tothe- coast faults transecting the Sullivan Tract northeast to southwest along the structural high.