Gulftex Operating, Inc. News
Gulftex Operating, Inc. Has Completed Negotiations with Devon Energy Corporation for Additional Barnett Acreage

Dallas, Texas - February 24, 2009 - Gulftex Operating, Inc., announces that it has completed negotiations with Devon Energy Corporation. (NYSE:DVN) Oklahoma City, Oklahoma for additional acreage in the most prolific portion of the core area in the Barnett Shale. Talks were centered on Denton county tracts jointly held with Devon. Gulftex Operating, Inc. is actively drilling and operating wells in Denton County, the core area of the Barnett Shale in 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. Negotiations with Devon follow a successful acquisition of acreage from The Williams Companies, also in the core area of the Barnett Shale.

Devon Energy Corporation maintains the dominant lease position with more than 715,000 net acres in the Barnett Shale. Devon has increased its Barnett production to more than 1 billion cubic feet per day. Devon accounts for nearly a quarter of the field's overall daily production of more than 4 billion cubic feet of natural gas equivalent. The agreement with Devon Energy Corporation provides Gulftex Operating, Inc. an opportunity to extend it's success in the Barnett Shale.

Five wells are slated for completion in 2009 by Gulftex Operating, Inc. 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 The Williams Companies and Devon Energy Corporation", according to Gulftex Operating, Inc. CEO, Tim Burroughs, "is our success record. By selecting top completion contractors, we can concentrate on providing 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 are working to be the lowest cost producer, with the best record 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."


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 .


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.

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