Latest PR: Press Release Source: TX Holdings, Inc.
TX Holdings Broadens Its Scope and Enters Into a Technology Transfer Agreement With Masada Oil and Gas Friday January 13, 5:11 pm ET
MIAMI, FL--(MARKET WIRE)--Jan 13, 2006 -- TX Holdings, Inc. (Other OTC:TXHG.PK - News) (the "Company") is pleased to announce it has entered into a technology licensing agreement with Masada Oil and Gas Ltd.(Masada). The agreement calls for the collaboration of TX Holdings(TX) and Masada on a number of Texas-based leases and fields. Masada and TX intend to work together in order to develop the fields. Masada will provide its proprietary enhanced oil recovery technology across all leases to be acquired by TX Holdings which are then to be operated by Masada on behalf of TX. Masada will work with TX on a contract basis to be defined in subsequent agreements. Masada will make all advanced recovery techniques and technologies available to TX as part of the field services. ADVERTISEMENT
Masada is a renowned operator in the Mid-Texas region who has developed a number of proprietary techniques for enhanced oil recovery on water driven wells. Masada founders have over 20 years experience working in the oil industry and are specialists in the operation of secondary and tertiary recovery properties. They have developed proven techniques to increase production yield, increase field efficiency and lower costs. In specific applications, it has been shown that the application of this technology can increase yields by much as 15% over the life of a well.
This acquisition of this technology provides a valuable addition to the Company as the increased yields will enable TX to acquire and recover reserves which hitherto had been uneconomical and therefore unrecoverable. The technology has been sought out in order to complement and facilitate the corporate mandate which states acquisition targets must show a 24-month payback or better.
This announcement may contain forward-looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management's expectations. Factors that could cause differences include, but are not limited to raising capital, future acquisitions by the Company and general market conditions.
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