Texas Energy Group, LLC’s (TEG) affiliate company, Spicewood Energy Management, LLC (SEM) announced today the successful drilling of a well that its inaugural fund, Spicewood Energy Fund I, LP (SEFI) holds ownership interest in. SEFI, LP participated in the Pine Ridge Prospect, which is located in Louisiana, via a non-operated working interest position. The Pine Ridge Prospect is being operated by Magna Operating, an independent exploration and production company that operates throughout Louisiana and the Texas Gulf Coast.
“The well was drilled to approximately 9,100’ to encounter Upper Frio and Marg tx Sands. We are very pleased with the outcome of the Pine Ridge Project and particularly pleased with Magna Operating for how they have handled drilling operations on this well,” stated Waylan Johnson, President of TEG and SEM. He further stated,“The manner in which Magna has conducted themselves throughout the drilling and logging of his well continues to preserve our philosophy of participating in conventional shallow deals with smaller operators who maintain a hands-on approach. We are delighted to be involved with Magna and look forward to continuing our relationship with them.”
Based on preliminary field reports, the Pine Ridge Prospect encountered several stringers of commercial pay zones in the Upper Frio and Marg tx Sands with very high permeability and porosity, as shown in the side wall core testing.
TEG’s affiliate, Spicewood Energy Management, LLC, was formed to manage oil and gas investments through multiple limited partnerships. SEM is raising capital for its current fund offering, Spicewood Energy Fund III, LP (SEFIII). SEFIII is being offered to verifiable accredited investors only.
Texas Energy Group, LLC (TEG) is an Austin, Texas based oil and gas exploration and development company specializing in bringing industry prospects to the private investor. With company principals having over 24 years of involvement in the oil and gas industry, TEG (texasenergygroup.com) has been involved in numerous ventures and partnerships, including ownership of two operating companies that have operated numerous projects from North Dakota to Texas. TEG is currently affiliated with Spicewood Energy Management, LLC and 5 Star SWD, LLC. Both affiliate companies offer fund structured Limited Partnerships that provide the same lower-risk business model that TEG programs have always adhered to.
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 contained herein should not be construed as investment advice. TEG is not a tax professional and does not offer any tax advice.