HOUSTON, May 13, 2004 (PRIMEZONE) -- VTEX Energy, Inc. (OTCBB:VXEN), a recognized operator in production of natural gas and crude oil, announced today that it has entered into a strategic business alliance with CLK Energy, Inc, a successor company of CLK Company, LLC, a proven geological and geophysical developer of oil and gas prospects in the domestic oil and gas industry.
Stephen Noser, President of VTEX said, "We believe that this alliance is a significant accomplishment for the future of both companies in reaching our short and long term goals. CLK has over 30 years experience with a success rate in exploration projects of over 50% and have been instrumental in the discovery of numerous oil and gas fields that have produced over 4 trillion cubic feet of natural gas equivalent."
VTEX and CLK have engaged in this alliance for the purpose of pursuing the development, marketing and exploitation of oil and gas drilling prospects in the domestic US market. Bateman Lake and Mustang Island, current properties of VTEX, will serve as the initial prospects in this joint effort.
"Both companies are excited about the business opportunities that this alliance provides," said Rick Gardner, President and CEO of CLK. "With our expertise in providing 3D seismic data and subsurface evaluations to VTEX, a company with proven reserves, both companies will enjoy the business expansion that this relationship affords."
VTEX Energy, Inc. is a Houston based company primarily engaged in the acquisition, development, and production of natural gas and crude oil. At April 30, 2003, the Company had over $71 million in proved reserves. These reserves are concentrated in two fields: Bateman Lake located in St Mary Parish, Louisiana and Mustang Island 818-L located in State waters offshore Texas.
Based in New Orleans, Louisiana, CLK Energy, Inc. and its predecessor are recognized as an expert and leading company in the geological and geophysical development of oil and gas prospects in the domestic oil and gas industry.
This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties.
For more information contact investor relations: VTEX Energy, Inc. at 713-773-3284.