MIAMI BEACH, Fla., June 22, 2006 (PRIMEZONE) -- TX Holdings, Inc. (Pink Sheets:TXHG) is pleased to announce today that the Company has received Funds and surpassed the minimum amount needed to break escrow on its recent $1,000,000 Private Placement Offering ("Offering").
A portion of the funds from the Offering have been allocated for the future acquisition of currently producing oil and gas leases, which the Company has been negotiating and hopes to announce soon.
As previously stated, some of the money has been allocated to complete the acquisition of the Williams Lease that the Company has an option on. Additionally, funds will also be utilized for the recompletions and work-overs of both the Williams and Parks Leases. It is projected that when this work is done, these leases should initially produce 120-200 barrels per day.
The Company diligently continues to work closely with its auditors in its efforts to bring its regulatory filings current with the SEC filings as a public company.
Mr. Mark Neuhaus, Chairman and President, stated, "We have worked hard to develop a comprehensive strategy for the acquisition and development of producing oil and gas leases, and meeting escrow is a significant milestone which will enable us to implement this program. We are happy to see this project moving forward and are confident that TX Holdings is well positioned to acquire additional leases and options on properties with proven reserves and bring them into producing status in the future."
About TX HOLDINGS, INC.
TX Holdings, Inc. is an emerging oil and gas exploration, development and production company, focusing on opportunities in Texas, Louisiana, and Oklahoma. The Company has recently acquired its first producing property with the Parks Lease in Callahan County, Texas, bringing its total recoverable reserve estimates to approximately 36 million barrels. TX Holdings is currently exploring a number of potential acquisition targets in the region.
Safe Harbor Statement
The information provided in this Press Release does not constitute an offer or a solicitation of an offer for the purchase or sale of any shares or other securities of TX Holdings, Inc. There are substantial risks associated with investing in development stage energy exploration companies. No securities commission or similar authority has in any way approved any of the information contained in this press release.
Forward-looking statements: This press release and other statements by TX Holdings, Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," or similar expressions.