West Texas Resources Profile
West Texas Resources, Inc. engages in the business of oil and gas exploration and development in North America.
Oil and Gas Interests
Sunshine Prospect, Landry Parish, Louisiana
The company owns a 15% (14.25% net revenue interest) in an oil and gas prospect located in Landry Parish, Louisiana. The working interest concerns 248 gross acres and net acres in the Sunshine Prospect. As of September 30, 2017, the company maintained working interest in these properties.
Stansell Field, Floyd County, Texas
The company holds a 1% working interest in an oil prospect located in Floyd County, Texas. The working interest includes 15,000 leased acres in the southern section of the Palo Duro basin. It has a carried 1% working interest in the Stansell #1-A well through the tanks. As of September 30, 2017, the company maintained working interest in these properties.
Hale County Field, Hale County, Texas
The company owns non-operating leases covering approximately 1,070 gross mineral acre leases in a property located in Hale County, Texas. The leases have a primary term of five years with the option to extend the term for another five years. The leased properties constitute the surface acreage, including a natural gas prospect, for which it holds 50% of the working interest and 40% net revenue interest. The leased properties are subject to a 20% royalty interest held by the owners and a third party.
Leased Properties from Kiowa Oil Company
The company has an agreement with Kiowa Oil Company to lease 100% of interests, for a period of five years, of properties in North Dakota, Florida, Illinois, and Kentucky. As of September 30, 2017, it maintained royalty interest in these properties.
T.A. Greer Lease
The company owns a 25% working interest (19.5% net revenue interest) in an East Texas oil and gas property. The property is known as the T.A. Greer lease and includes two tracts of land totaling approximately 407 acres in Panola County, Texas.
Origin Production Co. Inc. (Origin)
In 2016, the company acquired from Origin, interests in various producing and non-producing leases; primarily in Gonzales, Caldwell, and Wilson County, Texas.
Government Regulations
The company’s proposed operations are subject to various federal and state laws and regulations, including the federal Occupational Safety and Health Act, as amended, and comparable state statutes, whose purpose is to protect the health and safety of workers.
History
The company was founded in 2010. It was incorporated under the laws of Nevada in 2010. The company was formerly known as Texas Resources Energy, Inc. and changed its name to West Texas Resources, Inc. in 2011.
