Texas American Resources, LLC Announces Divestiture of South Texas Properties for $135 Million
Posted on Friday, August 8th, 2014 at 8:16 pm
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