Sharewatcher, Thanks for being on the ball and pointing out that news is in, I climbed on board at .28 on Friday based on T/A which suggested something was up. Here's a copy from our sister thread:
****ARXA ANNOUNCES ACQUISITION OF OIL AND
GAS RESERVES***
by: Derrick_Newman (39/M/Dallas TX)
119 of 120
ARXA to Acquire West Texas Gas Reserves
HOUSTON, March 8 /PRNewswire/ -- ARXA International Energy, Inc. (OTC Bulletin
Board: ARXA) announced today the signing of a Binding Letter of Intent to
purchase 100% of the assets of Winslow Oil and Gas Co. in exchange for $2
million of convertible preferred stock. Winslow owns producing gas reserves in
West Texas and, by the terms of the purchase and sale agreement, is to deliver
leaseholds with natural gas potential with a forecasted future net cash flow of
approximately $16 million.
Craig Ford, President & CEO of ARXA, stated, "The purchase of the Winslow
properties is the next step in the development plan for ARXA as set forth in our
10K. We have been working for months to reach this agreement. The Winslow
properties are rich in natural gas potential. There is 3D seismic on a third of the
acreage and the 3D survey was validated by a discovery well. There are several
more locations identified by 3D. The other two-thirds of the acreage has 2D and
existing production. Our plan is to shoot 3D over this acreage as well. The Winslow
properties, when developed, should make ARXA profitable even with the most
conservative price projections."
According to a spokesperson for Winslow, "We began developing our West Texas
field because of the strong reserve potential. It is our belief that the management of
ARXA is inordinately strong for a company of its size. These are oilmen. We are
confident that ARXA can and will complete the development of the Winslow
holdings profitably and professionally."
ARXA International Energy, Inc. is a fully reporting public company engaged in oil
and gas reserve acquisition and development in the US. For information contact
George Bentley, 800-641-5844. ARXA can be found on the internet at
arxa.com.
This press release contains forward-looking statements, such as future
development activity. ARXA notes that there are a variety of factors that could
cause the actual results to differ materially from the anticipated results expressed.
SOURCE ARXA International Energy, Inc.
ref: post.messages.yahoo.com@m2.yahoo.com
P.S. <with natural gas potential with a forecasted future net cash flow of approximately $16 million>. Hummm, let me see now, stock get diluted from present, but this would certainly work wanders for the balance sheet and perhaps get around some major financing. Sounds like a very creative move by experienced oilmen if they can pull it off. Ed
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