Texas Energy Group, LLC (TEG) is pleased to announce that it had strong growth in 2013 which was, in part, due to the drilling, development and discovery of new oil and gas wells throughout Texas. Additionally, Waylan Johnson, Founder and President of TEG, formed a second affiliate operating company, Spicewood Operating Company, LLC, in mid-2013 which is now a registered and licensed oil & gas operator with the Texas Railroad Commission.
Throughout the 2013 calendar year, TEG offered three private drilling projects to its accredited investors and industry partners. Between these three drilling projects, 5 prospects were identified and drilled by Mr. Johnsons affiliate operating company, Resaca Resources, LLC (with the exception of two which are scheduled to begin spudding within the next month). TEG additionally participated in a variety of non-operated deals with outside industry partners.
Successful drilling prospects were not the only growth mark for TEG in 2013; new partnerships and business relationships were formed with various individuals, companies and well-known industry vendors. Such relationships have already proven successful in bringing a multitude of new prospects and deals to the table. All of which will hopefully prove beneficial to TEG and its investor-partners in this New Year.
Not only were we able to grow our footprint throughout the Texas Gulf Coast this past year, but we were able to acquire new assets for our investor-partners that will provide both diversification and growth for their portfolios, stated Waylan Johnson, President of Texas Energy Group. He further stated,We were blessed to have been given the opportunity to grow our business relationship with well-known oil companies such as Miller Energy, Hurd Enterprises and Gulf Coast Midwest. All in all, I believe we have cultivated a solid foundation for ourselves moving into this New Year and expect great successes for ourselves and our partners in the 2014 calendar year. We have already begun internal due diligence on various oil and gas drilling prospects which will be offered to our accredited investors as part of our 2014 drilling programs.
Texas Energy Group has employed the services of Lam Oil & Gas Consultants for a third party reserve report on all wells operated by its affiliate Resaca Resources, LLC and Spicewood Operating Company, LLC. Such results are expected later this year. TEGs corporate CPA and auditing firm, BDO USA LLC, will conduct its annual audit of the firm in the coming months.
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department; (877) 893-6749 or visit them on the web where you can sign up for the TEG (corporate) mailing list and receive up to date information on general TEG activities, including all TEG press releases.
Disclaimer: This release/announcement/document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. Information herein is not intended to be any form of solicitation. Information found on this page is neither an offer to buy or sell securities or other investments.