Brazos International Exploration, Inc. Enters into Letter of Intent to Purchase Oil and Gas Company
May 17 2010 - 5:14PM
Business Wire
Brazos International Exploration, Inc.(Over The Counter Bulletin
Board: BRZL), announced today it has executed a Letter of Intent to
purchase Renfro Energy, LLC (“RE”), a Dallas, Texas based
independent oil and gas company. RE primary assets is its 100%
interest in an oil producing property located in Southwest
Louisiana with significant development and exploration
potential.
In exchange for cash consideration and a net profits interest in
the property, BRZL will purchase 100% of the membership interests
in RE which includes the company’s two producing oil wells making
12-15 barrels per day, one saltwater disposal well, one shut-in
well designated for exploration drilling, several pumping units, an
oil, gas, and water separation facility, an oil and water pumping
facility, an oil and gas storage facility, and five square miles of
3-D Seismic data processed and partially evaluated.
It is anticipated, based on 3-D Seismic data and subsurface
geology, and upon completion of a $2 million development drilling
program, the property’s daily oil production could exceed 100
barrels. However, there can be no assurance that the achievement of
daily production will reach 100 barrels per day.
“Having an asset like this property provides the necessary
foundation for BRZL to build upon With positive cash flow from day
one and 880 acres of development and exploration acreage to exploit
utilizing the 3-D Seismic data, we are very excited to get started
and initiate a drilling program to generate significant cash flow
and increase shareholder value,” stated Samuel Weiss, BRZL’s
President.
The property, which has produced over 6 million barrels of oil
since its initial discovery well drilled in the 1930’s, has
potential for additional oil reserves.
About Brazos International Exploration, Inc.:
Brazos International Exploration, Inc. is a development stage
oil and gas development and exploration company based in the United
States that is traded on the Over the Counter Bulletin Board under
the Symbol BRZL. The goal of BRZL is to grow through internally
generated and developed prospects, participation with industry
partners in oil and gas exploration and in targeted joint ventures.
This business methodology offers lower potential risk and higher
potential returns, often in shorter time periods, than through
traditional means of oil and gas exploration.
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT
TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS
NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING
STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS,
EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.EXCEPT FOR THE
HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS
NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS
THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE
PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE,"
"ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS
ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE
COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH
OIL AND GAS EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS
WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT
ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS,
COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE
COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE
COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL
ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD
DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE
CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE
RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM
TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY
WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD,
THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE
CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT
CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY
NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION
IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY
SUCH JURISDICTION.
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