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Texas American Resources Company Hires Raymond James as Investment Banking Advisor

Posted on: Friday, 20 March 2009, 09:34 CDT

AUSTIN, Texas, March 20 /PRNewswire/ -- Texas American Resources Company (the "Company") announced today that it has hired Raymond James & Associates, Inc. as its investment banking advisor to evaluate financing alternatives. Company CEO, David Honeycutt, said, "We believe that the oil and gas expertise of Raymond James will be helpful to the Company as it executes its long-term business plan."

ABOUT TEXAS AMERICAN RESOURCES COMPANY

Texas American Resources Company ("TARC") is a privately-held, independent energy company headquartered in Austin, Texas. Since its founding in 1990, TARC has focused on the acquisition and exploitation of oil and gas properties in Texas and the Rocky Mountain region.

TARC operates approximately 400 wells in Texas, Wyoming and Colorado. The Company's total proved reserve base of approximately 27 MMBOE is 35% developed and 61% oil and NGLs. Including the probable and possible categories, the Company has 3P reserves of approximately 40 MMBOE. The company-wide total net production in 2008 of approximately 3,100 BOEPD was 61% oil and NGLs.

LEGAL DISCLOSURE: Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly any express or implied statements concerning future financial condition or operating results. Although Management believes that the expectations reflected herein are reasonable, the matters discussed in this release involve risks, uncertainties, and other factors that may delay, prevent or adversely affect the transaction or the Company's planned activities and operations. There can be no assurance that such expectations will prove correct. All forward-looking statements are expressly qualified by this cautionary statement.

SOURCE Texas American Resources Company

Source: PR Newswire

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