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    Target Energy 2013 Drilling Programs in Permian Basin & Louisiana Likely to Add To Reserves (TEXQY)

    May 29 May 2013 | 09:59
     

    crwenews

    texqy

    Target Energy Limited (ASX:TEX)

    Target Energy Limited is a Houston-based Australian public oil and gas exploration and production company with producing assets in Permian Basin and Texas & Louisiana Gulf Coast. This  Company’s objective is to grow production, reserves, cash flow and shareholder value through a comprehensive drilling program which utilises current oilfield technology in both conventional and unconventional oil resource plays.

    Target Energy Limited total assets and equity are $16,151,372 for Dec. 31,2012 (Unaudited) $AU in contrast to $9,950,801 June 30,2012 (Audited) $AU.

    The Company’s production increased by 320% in 2013 following successful Permian Basin drilling campaign. In April, the Company was generating in excess of $400,000 per month in net sales revenue. The Company’s ongoing 2013 drilling programs in Permian Basin and Louisiana are likely to add significantly to their production and reserves.

    To view Target Energy Limited video click link http://crwetube.com/media/target-energy-ltds-managing-director-laurence-roe .

    Target Energy stock can be traded directly on the Australian Securities Exchange (stock code TEX).

    More conveniently for US investors, Target Energy ADR’s can now be traded on the New Yorkbased OTCQX International platform (stock code “TEXQY”).

    American Depositary Receipts or ADRs are like US wrappers around a bundle of international shares. A Target Energy ADR is equivalent to 100 Target common shares.

    Previously, the Company stated last April (April 30) that the Company has 35% working interest in The East Chalkley project. The East Chalkley project is an oil field appraisal and development program, approximately 33 kilometres southeast of the town of Lake Charles in Cameron Parish, Louisiana.

    Now take a look at Target Energy Limited (TEXQY ) 1 day chart (ADR price):

    texqychart

    Independent Reserve studies undertaken for Target Energy Limited have indicated that the field may have up to 1.7 million barrels of P50 (“most likely”) technically recoverable reserves and resources, with a P10 or upside estimate of 4 million barrels of oil.

    For more information please visit Target Energy Limited (ASX:TEX) (TEX.AX) (OTCQX:TEXQY) at http://targetenergy.com.au/

    Stay tuned!

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