Business

Powered by
 
Canadian-Related Releases

NYTEX Announces Plans to Drill 2,147 Acres in the Fort Worth Basin

DALLAS--(BUSINESS WIRE)--NYTEX Energy Holdings, Inc. ("NYTEX", or the “Company”) (OTCQB: NYTE), a Dallas-based energy holding company operating through its subsidiary, NYTEX Petroleum, Inc. today provided an update with respect to its near term drilling plans. NYTEX plans to drill and operate wells on approximately 2,147 acres in Young County, Texas. The acreage has multiple objective oil reservoirs at depths of less than 5,000 feet, consisting of Bryson & Sojourner Sandstones, Caddo Limestone, Atoka Conglomerates, Marble Falls, and Mississippian Limestone.

“We believe the Fort Worth Basin continues to provide exciting development opportunities, especially given the shallow depth and multiple pay zones.”

NYTEX recently completed extensive geological analysis on the acreage and has identified numerous multi-pay well locations. NYTEX is actively seeking joint venture partners and plans to fund its portion of drilling and development costs from available working capital and other sources of capital.

Michael Galvis, NYTEX President and CEO, commented, “We believe the Fort Worth Basin continues to provide exciting development opportunities, especially given the shallow depth and multiple pay zones.” Mr. Galvis added, “The detailed geological and engineering studies we undertook this year have given us the confidence to move forward with developing this opportunity and once drilled, we expect it to positively contribute to our operating results.”

About NYTEX Energy Holdings, Inc.

NYTEX Energy Holdings, Inc. (website: http://nytexenergyholdings.com) is an early-stage exploration and production (E&P) company engaged in the acquisition, development, and production of oil and gas reserves from low-risk, high rate-of-return wells in shallow carbonate reservoirs. Our strategy is to enhance value for our shareholders through the development of a well-balanced portfolio of natural resource-based assets at low finding and development costs.

This press release includes “forward-looking statements,” which may include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this release, the words “will,” “intends,” “expects,” “outlook,” “forecast,” “estimates,” “anticipates,” “projects,” “plans,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. The company’s ability to achieve the financial targets described in this press release is subject to numerous factors and contingencies, many of which are beyond the company’s control. These include local and national economic, credit and capital market conditions, including prevailing interest rates; legal and regulatory developments, including changes to tax rates, applicable securities regulations or accounting standards, and ability to obtain necessary licenses and permits; and geopolitical conditions, including the occurrence of acts of war or terrorist incidents, and weather or natural disasters. Any of these factors or others not named herein could cause the company’s actual results to differ materially from those expressed as forward-looking statements. In addition, other risk factors that could cause actual results to differ materially from the forward-looking statements contained in this release include those that are discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no, and expressly disclaims any, obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Contacts

NYTEX Energy Holdings, Inc.
Bill Brehmer, 972-770-4700

Company Information Center

NYTEX Energy Holdings, Inc. RSS feed for NYTEX Energy Holdings, Inc.

OTCQB:NYTE

ISIN: US62950C2026