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Gulftex Operating, Inc. News
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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 field." 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 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 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. 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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