Texas American elevates Eagle Ford IPs in Atascosa County

Posted on Wednesday, October 11th, 2017 at 4:00 pm    

AUSTIN, Texas, Oct. 2, 2017 /PRNewswire/ — Austin, TX based Texas American Resources announces Eagleville Field – Eagle Ford Shale discovery in Atascosa County (RRC Dist. 1), Texas. The recently completed Bowman West 141H flowed 1.285 Mbbl of 36.0-degree-gravity crude, 615 Mcf of gas and 1.795 Mbbl of water from fracture stimulated perforations from 8,255′ to 15,884′. The well is on a 6,274 acre lease in Section 1736, I&GN RR Co Survey, A-459, and was tested on a 30/64 choke with flowing tubing pressure of 1,040 psi. The well was drilled to 15,932′ with a true vertical depth of 8,290′. The well has established a 30 day production rate of 1,000 bbls of oil equivalent (92% is 36.0-degree-gravity crude).

For Texas American media inquiries, please contact:

Lee Nix
Chief Financial Officer
512.482.4456
Email: lnix@texasarc.com

David Cape
Vice President, Business Development
512.482.4444
Email: dcape@texasarc.com

First Reserve Announces Investment in Texas American Resources Company, LLC

Posted on Wednesday, December 21st, 2016 at 6:06 am    

GREENWICH, CT; HOUSTON, TX; LONDON, U.K.; and AUSTIN, TX – Texas American Resources Company, LLC (“Texas American” or the “Company”) announced today that First Reserve, a leading global private equity and infrastructure investment firm exclusively focused on energy, and members of management have made an investment in the Company. First Reserve has committed up to $250 million in private equity capital to Texas American to support the Company’s pursuit of oil development opportunities in the Eagle Ford Shale in South Texas.
Founded in 1991, Texas American has a long history of successful oil and natural gas exploration and production operations. Concurrent with the closing of First Reserve’s investment, the Company acquired an initial leasehold position in the black oil window of the Eagle Ford trend in Atascosa County, Texas, covering approximately 12,000 acres. The Company plans for development drilling to begin in the first quarter of 2017.

David Honeycutt, CEO of Texas American, commented “We are excited to have the support and confidence of First Reserve, and we are delighted to be their partner. With their support, we believe we have a unique opportunity and are looking forward to executing our business plan. We are also excited that we have closed the first of our targeted leasehold acquisitions and to be in a position to begin our development drilling program so quickly.”

Michael France, Managing Director of First Reserve, added, “First Reserve believes that David and his team have the experience needed to develop what is, in our view, an underdeveloped and highly attractive package of assets. Further, we anticipate this partnership will serve as the strong foundation to build an exciting platform in the Eagle Ford trend and look forward to an ongoing collaboration.”

About Texas American Resources

Texas American has operated continuously in Texas since 1991 and has been active in South Texas since 2003. With First Reserve, the Company plans to acquire and develop a portfolio of properties that combines existing production with significant remaining undrilled locations. For more information, please visit www.texasarc.com.

About First Reserve

First Reserve is a leading global private equity and infrastructure investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. Putting these to work, First Reserve has completed approximately 600 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure. For more information, please visit www.firstreserve.com.

Source: Texas American Resources Company, LLC

For Texas American media inquiries, please contact:

Lee Nix
Chief Financial Officer
512.482.4456
Email: lnix@texasarc.com

David Cape
Vice President, Business Development
512.482.4444
Email: dcape@texasarc.com

For First Reserve media inquiries, please contact:

Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
Email: joakes@joelefrank.com

Texas American Resources, LLC Announces Divestiture of South Texas Properties for $135 Million

Posted on Tuesday, August 12th, 2014 at 7:26 pm    

AUSTIN, TEXAS – Texas American Resources, LLC (“TAR” or the “Company”) announced today that it has closed on the sale of its South Texas properties to an undisclosed buyer for $135 million. The sale includes the Company’s existing production, proved reserves, and Eagle Ford and Austin Chalk oil development opportunities on its approximate 55,000 net acres of leasehold in Dimmit, Frio, La Salle, and Zavala Counties, Texas. The Company intends to use the net proceeds from the sale to repay debt, flow back equity to its partners, and accelerate development on its oily Texas Panhandle assets.David Honeycutt, President and CEO of TAR commented on the sale, “We are pleased with our outcome in South Texas. The sale is accretive to both the Buyer and Seller. There are many remaining opportunities in our legacy South Texas portfolio and our Buyer sees and embraces the upside the assets offer. We want to include a special thanks to our friends at Evercore for running a highly professional process on our behalf. Lastly, we executed well as a team and the results from the sale speak to that fact.”

ABOUT TEXAS AMERICAN RESOURCES, LLC

Texas American Resources, LLC is a privately held, independent energy company headquartered in Austin, Texas that is majority owned by funds managed by Parallel Resource Partners, LLC. The Company was founded in 1990 by President and CEO, David E. Honeycutt, and owns and operates in the Texas Panhandle. TAR is an oil-focused company that is enjoying rapid growth through technology-driven organic development. Post its South Texas asset sale, TAR owns and operates over 100 producing wells in the Texas Panhandle with net production of approximately 2,400 BOEPD that is 85% oil and NGLs.

LEGAL DISCLOSURE: Certain statements in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, particularly any express or implied statements concerning future financial condition or operating results. Although Management believes that the expectations reflected herein are reasonable, the matters discussed in this release involve risks, uncertainties, and other factors that may delay, prevent or adversely affect the transaction or the Company’s planned activities and operations. There can be no assurance that such expectations will prove correct. All forward-looking statements are expressly qualified by this cautionary statement.
SOURCE: Texas American Resources Company