Spicewood, TX, January 10, 2015 --(PR.com
)-- Texas Energy Group, LLC (TEG) announced today another successful vertical well located in Liberty County, Texas. The North Cleveland prospect was drilled in late September 2014 to a depth of approximately 6,200’. Commercial hydro carbons were found utilizing open hole logs, FT’s and core samples. The well was flow tested in mid-November.
“On a 4 Point test the North Cleveland well flowed at an average of 800,000 cfgpd +/-. After reviewing the logs, we strongly believe there is the potential of numerous pay zones in this single structure. With continued production, we anticipate seeing some condensate along with the gas production,” stated Waylan Johnson, President of TEG. He further stated, “We have seen great success in drilling shallow and relatively inexpensive wells such as the North Cleveland and will continue to pursue similar prospects in the future.”
TEG and its affiliate operator, Spicewood Operating Company, LLC, have generated 15+ shallow vertical wells that are expected to be drilled throughout 2015. “At current oil and gas prices we can maneuver in the market place at a somewhat discounted rate and, in turn, hopefully produce an even more profitable outcome for our Industry Partners and affiliate drilling funds which are being offered by Spicewood Energy Management, LLC (SEM),” stated Mr. Johnson.
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC via their Investor Relations Department; (877) 893-6749 or visit them on the web at www.TexasEnergyGroup.com.
Emails may be directed to Info@TexasEnergyGroup.com
Texas Energy Group, LLC (TEG) is an Austin, Texas based oil and gas exploration and development company specializing in bringing industry prospects to the private investor. With company principals having over 24 years of involvement in the oil and gas industry, TEG has been involved in numerous ventures and partnerships, including ownership of two operating companies that have operated numerous projects from North Dakota to Texas. TEG is currently affiliated with Spicewood Energy Management, LLC and 5 Star SWD, LLC. Both affiliate companies offer fund structured Limited Partnerships that provide the same lower-risk business model that TEG programs have always adhered to.
Disclaimer: This release/announcement/document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. Information herein is not intended to be any form of solicitation. Information contained herein should not be construed as investment advice. TEG is not a tax professional and does not offer any tax advice.