FRISCO, TEXAS., Aug. 09, 2022 (GLOBE NEWSWIRE) -- HXPN, Inc., (OTC PINK: HXPN), an emerging technology and mineral resources development company, today announced that it has recently closed the acquisition of a twenty-five percent (25%) working interest in a producing oil field on State of Louisiana mineral leases located in south Louisiana in Jefferson and St Charles Parishes. The Bayou Villars field, discovered in 1955 and currently owned by Northcoast Oil Company of Covington, La (Northcoast) and operated by ExPert Oil & Gas, LLC of Madisonville, La (ExPert), has produced almost 700,000 barrels of oil since Northcoast drilled two wells in 2003 and 2004. Reserves in the remaining behind-pipe and undeveloped sands are estimated at just over one million barrels, with over 466,000 of the reserve barrels classified as proved and the remainder as probable. ExPert will complete a thru-tubing plugback in an existing wellbore next month and the production rate in the previously unproduced zone is expected to be 150 barrels of oil per day. Other future projects include a side-track from an existing wellbore to other proved reserves in early 2023, which is expected to double the field’s daily production rate to approximately 300 barrels per day. The 2023 sidetrack project, if successful, will reclassify the remaining 500,000 plus reserve barrels from probable to proved. A new well that will access these newly-proved reserves is expected to be drilled in the field at a yet-to-be-determined future date. The Net Revenue Interest of HXPN’s Working Interest is 72% and the first revenue from the anticipated September 2022 re-completion should be realized by the Company prior to year-end 2022, as all production facilities are already in place and operational. The Company will record its proportionate share of the proved reserves in its 2nd quarter financial statements.
“We are very excited to have the opportunity to work with the Northcoast and ExPert teams on this excellent project” said Steve Bailey, President and CEO of HXPN. “Having worked previously with both of these organizations for over the last ten years prior to coming to HXPN, I know that HXPN and its shareholders can expect nothing but top-tier service and professionalism with the forthcoming projects.”
The Company also announces the re-location of its primary offices to Frisco, TX, the growing business center just north of Dallas, TX. Said Bailey, “Frisco represents the high-growth and exciting business environment of which a growth company like HXPN desires to be a contributing factor.”
About HXPN, Inc.
Based in Frisco, Texas, HXPN is engaged in the acquisition and development of emerging technologies that will impact everyday life. Additionally, the Company seeks to acquire mineral resources necessary for the production of energy that will enable the sustainability of daily life in our ever-changing world.
Notice Regarding Forward-Looking Statements:
This news release may contain "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions for the future. Such forward-looking statements include, among other things, the ongoing effect(s) of domestic and world economic conditions and any related impact(s) on the potential business development and future interest in our technology and resources investments.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, and other domestic and world events. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
HXPN, Inc is currently a non-reporting OTC-quoted “Pink Limited Information” company, and has achieved compliance with recently-amended SEC Rule 15c2-11, which requires that “companies make current information publicly available to maintain a market.” Investors should consult all information set forth herein and on the Company’s website for the latest available information.
CONTACT:
HXPN, Inc.
Stephen L. Bailey, President
6136 Frisco Square Boulevard, Suite 400
Frisco, TX 75034
(833) 250-6645
Investors & Analysts Contact:
HXPN Investor Relations
(833) 250-6645
ir@hxpninc.com
For more information, visit HXPN's website: www.hxpninc.com
