CanTex Energy Corp. Announces New Management and Letter of Intent to Acquire Bedford Energy Inc.
August 20 2010 - 3:05PM
Marketwired
CanTex Energy Corp. (PINKSHEETS: CTXE)
(Cusip 138116108) is pleased to announce that
it has entered into a letter of intent for the acquisition of
Bedford Energy Inc. (PINKSHEETS: BFDE). The completion of the
acquisition is anticipated to close before October 20, 2010. The
Combined entities complement each other with the seismic skill base
of CanTex fitting in with the drilling and operations of Bedford.
After closing, the combined entities will have over 250,000 BOE in
engineered proven oil and gas reserves behind pipe, and some
1,600,000 BOE in proven undeveloped.
The Company also announced that effective immediately, Bruce
Scambler has been appointed to the Board of Directors and will
serve as its Chairman and Company CEO. Harvey Bryant has also been
added to the Board of Directors and will serve as the Company's
President. Trace Maurin will continue on the Board and will serve
as COO with current focus on the Texas Operations and Texas seismic
exploration and lease prospect development.
Nature of Issuer's Business: CanTex Energy Corp. (the Company)
is a development stage, independent natural gas and oil company
engaged in the acquisition, exploration, and development of natural
gas and oil properties in the United States and Canada.
SEC DISCLAIMER
INFORMATION CONTAINED HEREIN MAY CONTAIN FORWARD-LOOKING
STATEMENTS WHICH ARE NOT GUARANTEES OF FUTURE SUCCESS OR THAT THERE
CANNOT BE LOSSES. THE ACTUAL PRESENCE OR RECOVERABILITY OF RESERVES
FOR OPTIMAL AND TIMELY RECOVERY, WELL COSTS OR SCHEDULES OR OTHER
MATTERS CANNOT BE PROMISED. THIS RELEASE CONTAINS "SAFE HARBOR"
PROVISIONS OF THE US PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995 & INVOLVES RISKS & UNCERTAINTIES WHICH COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ESTIMATED
HEREIN.
CANTEX ENERGY CORP. BELIEVES THE FORWARD-LOOKING STATEMENTS ARE
BASED ON CURRENT REASONABLE ASSUMPTIONS BUT CAN GIVE NO ASSURANCE
THAT RESULTS WILL BE ACHIEVED. UNPREDICTABLE & UNANTICIPATED
RISKS, TRENDS AND UNCERTAINTIES INCLUDING THE INABILITY TO
ACCURATELY FORECAST OPERATING RESULTS; THE POTENTIAL INABILITY TO
ACHIEVE PROFITS OR HAVE CASH FLOW; ACCESS TO FINANCING; AND OTHER
MORE MUST BE UNDERSTOOD. CANTEX ENERGY CORP. ASSUMES NO OBLIGATION
TO UPDATE OR SUPPLEMENT FORWARD-LOOKING STATEMENTS THAT BECOME
UNTRUE BECAUSE OF SUBSQUENT EVENTS.
CONTACT: CanTex Energy Corp. 27079 Karsch Road Boerne, TX 78006
210-639-3156
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