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Company
Spotlight:
TBX Resources, Inc.
(OTC-BB: TBXR)
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TBX Resources, Inc. is a well run company that is looking at
a huge increase in revenues over the coming months. Based in
Dallas, this fully reporting OTCBB oil company has an
experienced management team who have kept overhead expenses
to a minimum without accumulating any long-term debt.
Utilizing their many years of experience in the industry,
they have partnered with other quality firms and have
positioned the company for success.
As you can see from their recent press releases (see below),
TBXR has made a savvy investment in an oil field near Vici,
Oklahoma that has all indications of being very profitable.
The first well, which is already in production, alone is
projected to be worth $20M over the life of the well. TBXR
has a 20% stake in this well and a 37.5% stake in the ten
wells which are to follow. The second well has already been
proposed & drilling is expected to begin within the
month of March 2002. Even if these additional ten wells are
half as productive as the first, you're still looking at
hundreds of thousands of dollars in revenues to the Company
every month! This is would be a huge change that should
drastically improve shareholder value.
With this new discovery in hand, TBX Resources appears to be
on the edge of moving up to the next level. While the
broader market is loosing it momentum, this young company is
building up steam fast. In the investing world, timing is
everything. Once you do your own research, we think you will
agree... now is the time for TBXR.
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THE
FUNDAMENTALS
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Recent Price
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$0.18
(2/22/02) |
| Shares
Outstanding |
20,006,847 |
| Float (est) |
3,200,000 |
| 52-week
High / Low |
$5.00 /
$0.34 |
| Average
Daily Share Volume (100 day) |
27,184 |
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Click
here for a TBXR Quote.
Click
here to listen to a January 14th audio interview with TBXR
president Tim Burroughs.
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COMPANY
OVERVIEW
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TBX Resources, Inc. is an
independent energy company engaged in the acquisition,
production and development of proven domestic natural gas and
crude oil reserves. The Company's mission is to become one of
the leading oil and natural gas producers in the North Texas
Region and in the Anadarko Basin in Western Oklahoma.
Since its incorporation in 1994, the Company's growth has been
achieved through the acquisition of properties which are
underdeveloped and are in areas where the Company believes
substantial reserve additions can be made through
developmental drilling activities, improved production
practices and enhanced recovery techniques.
Through dynamic and innovative contractual agreements with
select industry partners, TBX Resources is continually engaged
in the evaluation and pursuit of additional properties for
acquisition, which have low operating expenses and the
potential for future development.
The acquisitions made by TBX Resources have provided the
Company with immediate cash flow while also building an
inventory of relatively low risk, developmental drilling
locations which can be utilized to substantially increase
proven producing reserves. For example, TBX Resources entered
into an agreement in 1999, in which the corporation acquired
20% of Southern Oil and Gas Company (SOG). SOG operates 431
oil and gas wells and has additional developmental drilling
locations on acreage held by the producing wells.
TBX Resources continues to grow its asset base through four
methods:
- Acquisitions of oil and
gas production that includes additional proven undeveloped
reserves;
- Exploitation of increased
density drilling opportunities within the defined
boundaries of the Anadarko Basin ranging across Western
Oklahoma and the Texas Panhandle;
- Development of
unexploited oil and gas reserves within currently held TBX
Resources acreage in East Texas;
- Re-establishment of
production from wells (currently owned/operated and wells
to be acquired).
Corporate
Milestones
- November 1994 - Company
was founded.
- 1995-1998 - TBX began
acquisition of its East Texas holdings.
- 1999 - The Company
entered into an agreement to acquire 20% of Southern Oil
and Gas Company, which operates 431 oil and gas wells and
owns additional development drilling locations on acreage
held by the producing wells.
- 2000 - TBX established
joint ventures with PAX Energy and The Merlin Corporation
to jointly develop proven reserves in select areas of
Texas and Oklahoma.
- 2000 - The Company went
public by way of a self underwriting.
- 2001 - Successfully
drilled six wells in the Anadarko Basin.
Vici
Property - New Significant Discovery
The Vici
property, located approximately 10 miles west of Vici,
Oklahoma, is geologically located in the center of the
Anadarko Basin. Historically, the Anadarko Basin has been one
of the most prolific oil and gas regions in the United States.
The Vici property is a low-risk, development project with gas
reserves expected to be in the 2 BCFG to 3 BCFG (billion cubic
feet of natural gas) range and between 75,000 and 100,000 BO
(barrels of oil) per well. With today's current pricing of
$2.25 (per thousand cubic feet of gas) and $22.00 (per barrel
of oil), each well could equate to a projected value of $17
million gross dollars for the gas and a projected value of
$1.8 million gross dollars for the oil per well.
After drilling their first well on the property, TBX Resources
recently announced a significant oil and gas discovery. The
Josephus No.1-33 well was successfully completed and tested at
a flow rate of 1.448 MMCFPD (million cubic feet of natural gas
per day) and 138 BOPD (barrels of oil per day). The well is
currently being tied-in to an existing pipeline and will being
production prior to the end of January. TBX Resources has a
20% working interest in this first well and up to a 37.5%
interest in future drilling.
Due to the success of the Josephus No. 1-33 well, TBX
Resources recently increased their land position in the area
to 1,600 acres and has proposed a 10 well drilling program to
exploit the discovery. TBX Resources is now in the planning
stages for the next Vici well, to be drilled directly
offsetting the Josephus No.1-33. Further details will be
released by the company when a spud date is selected.
The successful development of the Vici property should add
considerable oil and gas reserves to the TBX Resources bottom
line and should have a dramatic impact on the Company's
valuation.
Other Oil
and Gas Properties
In addition to
the Vici Property discovery, TBX Resources has participated in
five other successful wells in the Anadarko Basin. These wells
are the first of an 81 well, increased density, development
drilling program established in conjunction with several other
industry partners. This development program is considered very
low risk and will continue to add to the TBX Resources cash
flow. Current production from the five wells is 270 BOPD and
4.2 MMCFPD. TBX Resources' interests in these wells vary
between 1.22% and 3%.
The Union Prospect, in Canadian County, Oklahoma, is also a
low risk development program with three wells planned.
Potential primary and secondary reserves, if realized, could
reach 5 BCFG (billion cubic feet of natural gas) per well. TBX
Resources holds a 20% interest in the Union Prospect.
TBX Resources also owns or operates 54 wells located in Gregg,
Hopkins, Franklin, Panola and Wood Counties, Texas. Of the 54
wells, 8 wells have been designated as injection wells, 3
wells have been designated as water supply wells, and 6 wells
are currently producing oil. The remaining 37 wells are either
currently shut-in, scheduled to be brought back into
production or are designated as injection wells. By using
recognized "secondary and tertiary recovery
methods", these properties can be made to produce
significant oil and gas revenues, often in amounts equal to
what was taken out by the original oil drillers. If domestic
oil prices increase to the point where these shut-in wells can
produce economically feasible revenue streams, the Company
could realize significant gains to its bottom line.
Management
Tim Burroughs
is the President and founder of TBX Resources, Inc. Mr.
Burroughs has over ten years experience in financing oil and
gas drilling and development projects for Texas-based energy
companies. Having studied business administration at Texas
Christian University in Fort Worth, Mr.Burroughs developed and
implemented a low risk start-up plan for TBX Resources.
Essential to the plan were the excellent reputations and
successful backgrounds of the consultants and operating
personnel with which Mr. Burroughs had developed a solid
relationship with prior to initiating TBX Resources' business
plan. A major shareholder in the Company, Mr. Burroughs has a
huge stake in it's success.
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HIGHLIGHTS
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- Huge growth potential. If recent
successes drilling on the Vici property continue, the
Company could see a large increase in revenues over the
coming months.
- Company management has an impressive
track record for industry partnering.
- Relatively small float.
- Quality portfolio of low-risk,
development drilling prospects.
- TBX Resources has no long-term debt.
- By utilizing outside consultants on
an as-needed basis, the Company keeps operating expenses
low.
- Aggressive growth initiatives to
acquire additional oil and gas reserve assets.
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CONTACT
INFORMATION
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TBX Resources, Inc.
12300 Ford Road, Suite 194
Dallas Texas 75234
Phone: (972) 243-2610
Fax (972) 243-2066
Web Site: www.tbxresources.com
Investor Relations Contact:
Sherri Cecotti
Phone: (972)243-2610
Email: address@hidden
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RECENT NEWS
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RECENT SEC
FILINGS
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October 15 - Quarterly
Report (SEC form 10QSB)
July 20 - Quarterly
Report (SEC form 10QSB)
For a complete list of SEC filings, visit NASDAQ.com.
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DISCLAIMER
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| Certain
statements contained in this news release may be
forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995.
These statements may be identified by such terms as
"expect", "believe",
"may", "will", and
"intend" or similar terms. We are NOT a
registered investment advisor or a broker dealer This
is NOT an offer to buy or sell securities. No
recommendation that the securities of the companies
profiled should be purchased, sold or held by
individuals or entities that learns of the profiled
companies. This is an independent electronic
publication that was paid 15,000 shares of TBXR
securities by a third party for the electronic
dissemination of this company information. Be advised
that investments in companies profiled are considered
to be high-risk and use of the information provided is
for reading purposes only. If anyone decides to act as
an investor they are advised not to invest without the
proper advisement from an attorney or a registered
financial broker, if any party decides to participate
as an investor then it will be that investor's sole
risk. Be advised that the purchase of such high-risk
securities may result in the loss of some or all of
the investment. The companies that are profiled
provide all information and make no representations.
The profiled companies make no warranties or
guarantees as to the accuracy or the completeness of
the disclosure. Investors should not rely solely on
the information presented. Rather, investors should
use the information provided by the profiled companies
as a starting point for doing additional independent
research on the profiled companies in order to allow
the investor to form his or her own opinion regarding
investing in the profiled companies. Factual
statements made by the profiled companies are made as
of the date stated and are subject to change without
notice. The receipt of this information shall not
create, under any circumstances, any implication that
there has been no change in the affairs of the company
profiled since the date of review. Investing in
micro-cap securities is highly speculative and carries
an extremely high degree of risk. It is possible that
an investor's entire investment may be lost or
impaired due to the speculative nature of the
companies profiled. All information provided by the
profiled companies may include information provided by
outside sources, such as research reports, public
filings or computer databases and information obtained
from public information available on the company. |
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