CanTex Energy Completes Second Installment on Terms to Acquire 400 MW of Prime Wind Farm Leases Near Lubbock West Texas
March 03 2011 - 1:34PM
Marketwired
CanTex Energy Corp. (PINKSHEETS: CTXE)
announced today that it has completed the second installment of
payments to WIND TEX ENERGY for the exclusive rights to lease an
additional 30,000 acres (total of 56,000 acres) of leases to the
Lynn and Lenorah wind projects with a total of 400 MW capacity. The
company initially will apply for an Interconnect Agreement and use
existing transmission line capacity with a Southwest Power Pool
(SPP) Power Purchase Agreement (PPA) on the Lynn location. Both
projects will be able to supply into ERCOT when the Central
location of the competitive renewable energy zone (CREZ)
transmission line is completed by early 2013, connecting at the
Long Draw 345 Kv Switching Station in Borden County, Texas.
(www.ercot.com -- CREZ Transmission Optimization Study). The
project financing will require $25 M pre-construction and $810 M to
construct the wind farms. Plans are to install 2.75 - 3.0 MW
Turbines. The Garrad Hassan wind data analysis has a 39% production
capacity on 180ft towers. This is expected to increase 20-30% on
240 ft towers for no additional capital cost/MW and lower operating
costs/MW.
The Lynn Project on 26,000 acres near New Lynn, Lynn County
Texas will have an installed wind energy capacity of 180 megawatts,
estimated annual average energy yield of 615,000 MW per hour.
The Lenorah wind project on 30,000 acres is located 20 miles
east of Midland, Texas. It is adjacent to a currently operating
wind project. All project land is leased with a wind energy
capacity of 220 MW, estimated annual average energy yield of
750,000 MWhr.
About Cantex Energy CanTex Energy Corp. is
a rapidly growing diversified independent energy company, with new
projects from development of up to 400 MW Texas wind power to Texas
and Oklahoma oil and gas development and exploration. CanTex has
company offices in Oklahoma City, Dallas, and San Antonio, Texas.
CanTex Energy Corp. is a Non-Reporting Company, quoted on the Pink
Sheets. For more information see www.cantex.us
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE
STATEMENTS IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS
THAT ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS IN THE PRIVATE
SECURITIES LEGISLATION REFORM ACT OF 1995. FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES, WHICH
MAY CAUSE CANTEX ENERGY'S ACTUAL RESULTS IN FUTURE PERIODS TO
DIFFER MATERIALLY FROM FORECASTED RESULTS. THESE RISKS AND
UNCERTAINTIES INCLUDE, AMONG OTHER THINGS: THE POTENTIAL THAT NO
COMMERCIAL QUANTITIES OF OIL ARE FOUND OR RECOVERABLE, THE PRICE OF
OIL AND GAS, GEOLOGICAL PROBLEMS THAT PREVENT US FROM REACHING
DRILLING TARGETS AND SPECIFIC RISKS SUCH AS THE COMPANY'S ABILITY
TO RAISE FINANCING AND RISKS INHERENT IN CANTEX ENERGY'S
OPERATIONS. THESE AND OTHER RISKS ARE DESCRIBED IN CANTEX ENERGY'S
FORM 15C211 AND OTHER FILINGS WITH THE NASD AND SECURITIES AND
EXCHANGE COMMISSION.
Contact: CanTex Energy Corp. 6301 Waterford Blvd. Ste. 403
Oklahoma City, OK 73118 (405) 601-9745
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