Gulftex Operating, Inc. News
Gulftex Operating, Inc. Has Completed Negotiations with The Williams Companies for
Additional Barnett Acreage
Dallas, Texas - February 20, 2009 - Gulftex Operating, Inc., announces that it has
completed negotiations with The Williams Companies, Inc. (NYSE:WMB) Tulsa, Oklahoma
for additional acreage in the most prolific core area of the Barnett Shale. Talks were
centered on Denton county tracts jointly held with Williams. Gulftex Operating, Inc. is
actively drilling and operating wells in the Barnett Shale core area of Denton County,
Texas. Most recently Gulftex Operating, Inc. has worked with Crusader Energy Group Inc.
(Amex: KRU) Oklahoma City, Oklahoma and XTO Energy (NYSE:XTO) Fort Worth, Texas
completing the McClendon #2-H.
Gulftex Operating, Inc. plans at least 4 additional wells in 2009 targeting the core area
of the Barnett Shale. Plans include an offsetting Frenchtown #2-H in 2009 and others. "A
key factor in our agreements with companies like XTO Energy and The Williams Companies",
according to Gulftex Operating, Inc. CEO, Tim Burroughs, "is our success record and care in
selecting top completion contractors that can provide the experienced oversight, critical
to insuring optimal production and economic drilling. With lower gas prices, experience
can make all the difference in the outcome. We want to be the lowest cost producer in the
Tim Burroughs, CEO of Gulftex Operating, Inc. notes, "Gulftex drilling operations alone
produce income and jobs for over 150 local suppliers. Generally speaking, over $1 million
will be invested locally in each well completed. Gulftex Operating, Inc, continues to
contribute millions to the local economy through the years, as our wells successfully
produce oil and gas. Communities receive taxes and fees, landowners receive royalty
checks and local businesses continue to earn income providing necessary services to keep
the wells producing and energy flowing. The exploration and production of the Barnett
Shale formation is critical to the local economy, directly and indirectly effecting every
family in the region. We are always looking for new opportunities in the Barnett Shale
and markets for our natural gas production."
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 20 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 numerous Barnett 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 .
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
Further information on risks and uncertainties affecting our business is described under
Risk Factors and is 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.