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To: Mr.Manners who wrote (29329)	2/1/2005 3:17:01 PM
From: GARY P GROBBEL	Read Replies (5) \| Respond to of 120421

VXEN .40/.47 120,000 vol up .05...sweet part of this deal is that these are 'proved reserves'.....but as of yet non producing..that's the whole idea..plus, ARCOA provides funding.....consideration to VXEN $2.5-$3m...they already do $1.5m oer year on existing producing wells and have add'l reserves besides those in this PR...KEY is only 6.8m shares out...looks like an FPPC to me at present price: 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. ADVERTISEMENT "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. This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties. For more information contact investor relations: VTEX Energy, Inc. at 713-773-3284. -------------------------------------------------------------------------------- Source: VTEX Energy, Inc.