Spicewood, TX, May 30, 2015 --(PR.com
)-- Texas Energy Group, LLC’s (TEG) affiliate company, Spicewood Energy Management, LLC (SEM) announced today that it has spud its third well in Wharton County, Texas. This conventional well will be drilled to a total depth of 5,200 feet and is being operated by Spicewood Operating Company, LLC (SOC). This is the third prospect that SOC has generated in the Wharton County area.
Via an Exploration Agreement with an independent oil and gas company, SOC’s team of geologists and engineers were able to work a 65 square mile 3D data set of Wharton County, TX for purposes of generating shallow oil prospects on behalf of Spicewood Energy Fund I, LP (SEFI), which is managed by SEM.
“We are very excited about this well as it is situated in a highly productive channel of a field that has produced over 3 million barrels of oil to date,” stated Waylan Johnson, President of TEG & SEM. He further stated, “We have seen great success drilling these types of shallow, conventional wells and expect the Wharton County wells to add significant value to SEFI.”
The well was spudded on May 24th and is currently drilling ahead to a total depth of 5,200 feet. SOC expects to reach TD and begin logging in the next 5-7 days.
TEG’s affiliate, Spicewood Energy Management, LLC, was formed to manage oil and gas investments through multiple limited partnerships. SEM is raising capital for its current fund offering, Spicewood Energy Fund III, LP (SEFIII). SEFIII is being offered to verifiable accredited investors only. 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. SEM may also be contacted directly via (512) 610-0552 or www.SpicewoodEnergy.com
Emails may be directed to Info@TexasEnergyGroup.com or Info@SpicewoodEnergy.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.