Cantex Energy Corp. (Pink Sheets: CTXE) announced today that it has
entered a Letter of Intent to acquire a 60% Working Interest in the ESPY
oil and gas field in Carbon County Wyoming from Thorofare Resources Inc.
Paul Henley, CEO of Arkose, remarked, “We are very excited to be able to
acquire this field. It has a solid track record of production, averaging
140 barrels of oil per day over the past two years, adding to our base
of production. This is a transaction that has a history of being a
performing commercial property, so adding this to our portfolio should
not result in significant dilution to our shareholders.”
Bill Kerrigan, COO of Arkose, added, “The ESPY property not only brings
Arkose current production, but there is meaningful upside to be obtained
from some reworking of existing wells, and tremendous upside from new
wells to be drilled in the Niobrara formation there.”
Arkose--Cantex Energy Corp. engages in the acquisition and development
of oil and gas properties, focusing on development opportunities located
onshore and within the United States. The Company works to acquire
economically recoverable oil and gas reserve where our geologic and
engineering expertise with the application of the most up to date
technologies can identify significant additional value. (info@cantexenergycorp.com)
Copyright Business Wire 2014