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Gulftex Operating, Inc. News
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Patrick E. Lee Joins Gulftex Operating, Inc. and TBX Resources, Inc.
February 18, 2009 - Dallas, Texas - Gulftex Operating, Inc. announces, Patrick E. Lee has joined Gulftex Operating, Inc. as Senior Acquisitions and New Business Manager. Patrick E. Lee will also serve as adviser to TBX Resources, Inc. "Patrick Lee's addition to Gulftex Operating, Inc. represents a commitment to growth in 2009 and beyond. We recognize the opportunities to build reserves and expand our portfolio. Patrick has the experience to help us navigate asset values and evaluate potentials in targeted assets. As a professional engineer with strong petroleum and environmental background, Patrick brings years of experience in acquisition and divestiture of reserves, field development studies and economic evaluation of business opportunities." according to Gulftex Operating, Inc. President, Tim Burroughs. With over 32 years experience Patrick Lee has, most recently been active in capital acquisition, marketing and strategic alliances at Brownfields Capital, LLC in Denver Colorado where he was Managing Director and Partner. His experience in assessment of environmental risk related to mergers, divestiture and acquisition guided clients in his role as Principal with EMC2 and Strategic Environmental Management, LLC. While Manager of Environmental Engineering for Phelps Dodge and Cyprus Amax he provided technical direction and program management for the nation-wide remedial operations budgeted at $100 million covering 17 states and over 50 sites. He successfully negotiated and sold the CERCLA Superfund site removing a $17 million liability from the balance sheet. Patrick Lee holds a Bachelor of Engineering Science (Mechanical) from the University of Western Ontario and Master of Business Administration from the Richard Ivey School of Business, University of Western Ontario. ABOUT GULFTEX OPERATING, INC. In 1996 Gulftex Operating, Inc. became a contract operator to TBX Resources, Inc. with over 100 operating wells in East Texas and Louisiana. Today Gulftex Operating, Inc. has a successful exploration, drilling and production track record participating in over 35 wells in the Barnett Shale. The Gulftex record includes an impressive 19 wells in the core area of the Barnett Shale. Tim Burroughs, President of Gulftex Operating, Inc. has spent the last 14 years building Gulftex Operating, Inc. Top energy companies including XTO Energy, Crusader Energy, Devon Energy, Conoco Phillips, Encana and others have partnered with Gulftex Operating, Inc. on Barnet Shale projects. The Gulftex Operating, Inc. has a primary focus on the development of conventional and unconventional resource plays which includes the application of horizontal drilling and cutting edge completion technology aimed at developing shale and tight sand reservoirs. The Gulftex assets are located in various domestic basins, the majority of which are in the Ft. Worth Basin, Barnett Shale. For other information regarding Gulftex Operating, Inc., please visit the Company's Internet Web site at http://www.GulftexOperating.com. FORWARD-LOOKING STATEMENT DISCLOSURE This press release contains "forward-looking statements" within the meaning of the Federal securities laws and regulations. Forward-looking statements are estimates and predictions by management about the future outcome of events and conditions that could affect Gulftex's business, financial condition and results of operations. We use words such as, "will," "should," "could," "plans," "expects," "likely," "anticipates," "intends," "believes," "estimates," "may," and other words of similar expression to indicate forward-looking statements. There is no assurance that the estimates and predictions contained in our forward-looking statements will occur or be achieved as predicted. Any number of factors could cause actual results to differ materially from those referred to in a forward-looking statement, including drilling risks, operating hazards and other uncertainties inherent in the exploration for, and development and production of, oil and natural gas; volatility in oil and natural gas prices, including the adverse impact of lower prices on the amount of our cash flow available to meet capital expenditures, our ability to borrow and raise capital and on the values attributed to our proven reserves; drilling and operating risks in the unconventional shales and other reservoirs in which we operate, including uncertainties in interpreting engineering, reservoir and reserve data; the availability of technical personnel and drilling equipment; the timing and installation of processing and treatment facilities, third-party pipelines and other transportation facilities and equipment; changes in interest rates; and increasing production costs and other expenses. Further information on risks and uncertainties affecting our business is described under Risk Factors are available in our reports filed with the SEC which are incorporated by this reference as though fully set forth herein. We undertake no obligation to publicly update or revise any forward-looking statement. SOURCE: Gulftex Operating, Inc. Contact: Tim Burroughs, CEO Gulftex Operating, Inc. 3030 LBJ Freeway Suite 1320 LB#47 Dallas, Texas 75243 972-243-2613 Don Lokke, Media Relations Lokke Advertising Don@LokkeAdvertising.com 972-490-5167 |
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 Contact Information 3030 LBJ Freeway - Suite 1320, LB 47 Dallas, Texas 75234 Telephone (972) 243-2613 | Fax (972) 243-2066 E-Mail: info@gulftexoperating.com © 2005, Gulftex Operating All rights reserved  Design by Fossil Design |
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