TXO TXO

 

TIDMTXO 
 
RNS Number : 3482L 
TXO PLC 
05 May 2010 
 

 
                                                         5 May 2010 
 
                                    TXO PLC 
                            ("TXO" or "the Company") 
 
 
                         2009/10 - Q4 Production Update 
 
TXO (AIM: TXO), an East Texas based independent oil and gas exploration and 
production company announced today that oil production for the three months to 
31 March 2010 was 5,195 barrels, slightly up on the previous quarter (Q3: 5,030 
barrels), but still considerably lower than Q4 2008/09, which was 10,015 
barrels. 
 
Due to the sustained high oil price the focus of the Company is the re-opening 
of its wells and this programme is progressing on target, with 52 wells open as 
at 15 April 2010, compared to just 36 wells open in January 2010. The Company 
owns the rights to 348 wells across 85 leases. 
 
However, to continue its strategy to increase the number of wells online and 
then maintain them to a satisfactory standard, the Company will still require 
additional funding, as mentioned in its interim report. The Directors are 
currently assessing various routes to bring the necessary funds into the 
Company. 
 
 
Total production in the three month period can be broken down as follows: 
 
 
+-----------+------------+--------------+ 
| MONTH     | PRODUCTION | WELLS ONLINE | 
|           |            |              | 
+-----------+------------+--------------+ 
| January   | 1,516      | 36           | 
+-----------+------------+--------------+ 
| February  | 1,556      | 40           | 
+-----------+------------+--------------+ 
| March     | 2,124      | 52           | 
+-----------+------------+--------------+ 
 
                                     -ends- 
For further information, please contact: 
 
TXO PLC 
Andrew Glendinning, Finance Director 
           +1 903 297 2251 
 
Leander PR 
Christian Taylor-Wilkinson 
                       07795 168 157 
 
Beaumont Cornish Limited 
Roland Cornish 
                            020 7628 3396 
 
 
 
Notes to Editors: 
 
TXO 
TXO plc is an oil and gas exploration and production company focusing on onshore 
oil wells in the East Texas Oilfield in the United States. The company uses 
modern working practices and technology (notably submersible pumps) to reopen 
inactive wells - previously shut down due to low oil prices - and bring them 
back into production. 
 
Following acquisitions in 2004 and 2005, the company owns interests in 85 leases 
with a total of 348 wells in the East Texas Oilfield. The Company intends to 
acquire further wells when opportunities arise and market conditions allow. The 
company has offices in London and Longview, Texas. 
 
The East Texas Oil Field 
The East Texas Oilfield covers 140,000 acres and is located in the east central 
part of the state.  It was discovered in 1930 and is one of the largest and most 
prolific oil reservoirs in the United States.  The field encompasses five 
counties in North East Texas.  It is 45 miles long and 18 miles wide, and has 
11,000 existing wells. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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