South Texas Oil Company Acquires Second Drilling Rig and Expands Executive Team
Posted on: Thursday, 18 October 2007, 12:00 CDT
South Texas Oil Company (OTCBB:STXX) announced today that it has acquired a second drilling rig to be used at its Texas properties and recently added two new executives.
Murray Conradie, South Texas Oil Company's CEO, stated, "The addition of a second drilling rig will further add to the cost savings we are experiencing by drilling our own oil wells. With the escalating costs and demand for contract drilling rigs again increasing, we are confident we will not only be able to maintain, but increase our current drilling program."
South Texas Oil Company has further expanded its executive team with the addition of Mr. James Grubb, a Certified Petroleum Geologist with a Master of Arts from Bowling Green University with over 30 years experience working both onshore and offshore, as vice-president Geology, and Mr. Rickey Cooksey, qualified as a CPA with over 24 years of experience in oil and gas accounting as our new CFO.
"Both Mr. Grubb and Mr. Cooksey have tremendous experience in the oil and gas industry and it is a pleasure to welcome them to our team. I am confident they will be instrumental in our continued growth and success," concluded Mr. Conradie.
About South Texas Oil Company
South Texas Oil Company has mineral interests in 43,244 acres of oil and gas properties made up of approximately 20,000 acres in the DJ basin in Northeast Colorado, 18,000 acres in South-central Texas and 5,244 acres in Southwest Texas.
Certain statements made in this press release contain forward-looking statements that involve a number of risks and uncertainties. This forward-looking information is based on certain assumptions, including, among others, presently known physical data concerning size and character of reservoirs and economic recoverability. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, operations involve numerous risks and uncertainties, many of which are beyond South Texas Oil's control, which could result in expectations not being realized or otherwise materially affect the financial condition, results of operation and cash flows. Additional information regarding these and other risks are contained in South Texas Oil's filings with the Securities and Exchange Commission.
Source: Business Wire
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