VTEX .27/.31...has been beat up...and i don't think many noticed this pr a couple of weeks ago....VTEX has about 7m shares out...maybe 6.8, positve SE of $9m, and had oil/gas revenue last qtr of about $345,000:
VTEX Reaches Definitive Agreement With Investment Partner on Development of Proven Reserves
Thursday January 13, 1:46 pm ET
HOUSTON, Jan. 13 /PRNewswire-FirstCall/ -- VTEX Energy, Inc. (OTC Bulletin Board: VXEN - News) announced today that it has reached definitive agreement on terms and conditions with a Houston based investment partner, ARCOA Oil & Gas, Inc. to acquire an interest in and provide funding for completion of the development of VTEX's proven non producing properties commencing with the three well workover program at Bateman Lake. Consideration to VTEX for this transaction will be up to $2.5 million with the ability to increase the sales amount to $3 million under certain circumstances. The agreement further provides for a right of first refusal to participate in any future venture to develop additional VTEX oil and gas properties, including Bateman Lake and Mustang Islands. This transaction is subject to completion of documentation and requisite approvals, if any.
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"We are pleased to have reached a definitive agreement on terms and conditions with ARCOA Oil & Gas and the prospects and opportunities that this transaction foresees for our company. This transaction will allow VTEX the opportunity to demonstrate the value of its existing reserves and accelerate cash flows ahead of previously planned capital expenditure opportunities. We are prepared to move forward on the necessary surface equipment to bring the three Bateman Lake wells into production and to undertake additional short term field production enhancement projects," said Stephen Noser, President of VTEX.
VTEX Energy, Inc. is a Houston based, independent energy company, engaged in the acquisition, development and production of oil and natural gas reserves. The Company currently has two properties, Bateman Lake Field located in St. Mary's Parish, Louisiana, and Mustang Island Field located offshore Kleberg County, Texas. |
