Lucero Energy Corp Com V.PSH

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TRANSAMERICAN ENERGY INC Quick Quote: TAE 0.20 (Even) TransAmerican Completes South Texas Joint Venture 1/25/06 VANCOUVER, BRITISH COLUMBIA, Jan 25, 2006 (CCNMatthews via COMTEX) -- Mr. Gilbert Talafuse, Geologist Director of Geology for TransAmerican Energy, Inc. (TSX VENTURE:TAE) ("the Company") announces that the Company has finalized agreements and has closed financially to begin drilling and exploring for natural gas and oil in South Texas US. In September of 2005, the company entered into a joint venture agreement with Ranier Exploration Texas LLP, a Texas Partnership ("Ranier"), located in Houston whereby TransAmerican committed to fund the leasing of highly prospective oil and gas properties in Willacy County, Texas. All prospects are the product of proprietary three dimensional seismic. By this agreement, the Company earns twenty percent of all rights to the prospects. To date the Company has leased roughly 1000 mineral acres which covers two drilling ventures which are named Tenerias North and Paso Real Fields. Both are medium depth prospects, 8000-9000', and are prospective in multiple Miocene Sand pays. Ranier's geologists and engineers estimate the potential reserves for Tenerias North at 6.5 Billion Cubic Feet of natural gas and 50,000 bbls of condensate and for Paso Real a reserve potential of 5 Billion Cubic Feet of natural gas and 40,000 bbls of condensate. This week, The Company and Ranier, closed an agreement with Houston based Fortune Exploration whereby Fortune Exploration agreed to re-imburse the Company it's lease costs and assume all future costs to drill, complete and equip both wells carrying TransAmerican and Ranier for a combined 15% working interest. The potential future net income potential after royalty and production taxes is estimated at USD $2,250,000 to TransAmerican's interest. Drilling is expected to commence within 45 days. The reserve data disclosed for the Tenerias North and Paso Real Fields was received from the Company's joint venture partner Ranier Exploration Texas LLP, and while generally accepted by the Company's management, that information may not have been in compliance with NI-51-101 Standards of Disclosure for oil and gas activities, and therefore should not be relied on to ascertain the ultimate reserves that may or may not be produced in the Tenerias North and Paso Real Fields. The company is currently evaluating additional 3-D supported oil and gas prospects in this highly prolific area. ON BEHALF OF THE BOARD Gilbert Talafuse, Director SOURCE: TransAmerican Energy Inc. TransAmerican Energy Inc. Gilbert Talafuse Director [phone] [phone] (FAX) Copyright (C) 2006 CCNMatthews. All rights reserved. © 2006 Stockgroup Media Inc. | Disclaimer