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Texen Announces Contract to Purchase Texas Gasification Plant
Wednesday, June 15, 2005 15:35 ET
HOUSTON, Jun 15, 2005 (BUSINESS WIRE) --Texen Oil and Gas, Inc. (OTCBB:TXEO), announced today that the Company has entered into a contract to purchase a gasification plant from Port Assets LLC in Bay City, Texas. The plant was originally built by Fluor Daniel and was completed in November 1997 at a cost of approximately $70 million dollars. The plant, which was never put in operation, is virtually new and is being acquired by Texen for $3 million. The 20 acre facility is located southwest of Houston and is designed to recover and convert halogenated hydrocarbon waste from the petro-chemical industry into hydrochloric acid and synthetic fuel.
Mr. Elroy Fimrite, President of Texen commented that, "The purchase of Port Assets is the first significant step we are taking in the advancement of Texen's strategy to develop and produce synthetic resource derived materials and energy. The Port Assets facility will be able to convert 45,000 metric tons of waste per year into industrial grade hydrochloric acid and high-BTU synthetic gas. The facility will reduce the amount of chemical waste incinerated in the Gulf area, which is currently about 300,000 metric tons per year."
For additional information, please visit our Web site at: www.texenoilandgas.com. Please note the new corporate address and contact numbers below.
Corporate Offices: 14300 N Northsight Blvd, Ste 227 Scottsdale, AZ, 85260 Tel: 480-991-2040 Fax: 480-991-2203
Investor Relations: Jim Elbert 888-388-8989
Forward-Looking Statements: This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the successful acquisition of Port Assets and our ability to develop and produce synthetic resource derived materials and energy.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas production and exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Texen Oil and Gas, Inc.
Texen Oil and Gas, Inc. Investor Relations Jim Elbert, 888-388-8989
Copyright Business Wire 2005
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