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

    May 30 May 2013 | 09:55
     

    crwenews

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    Target Energy Limited (ASX:TEX)

    Target Energy Limited, known as a Houston-based Australian public oil and gas exploration and production company with producing assets in Permian Basin and Texas & Louisiana Gulf Coast.

    Target Energy Limited’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.

    The Company stated (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.

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

    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.

    Now take a look at Target Energy Limited (TEXQY ) 1 day chart (ADR price $6.50):

    texqychart

    Target Energy Limited has a Market cap of $AU 36.2M (US$37.2M)

    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.

    Target’s business strategy is to acquire meaningful acreage leaseholds in US onshore hydrocarbon basins which contain significant untapped oil and gas reserves.

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

    In my opinion, this is a serious Company that has produced profit with the ability to ramp up production. Keep a eye out for Target Energy Limited ticker “TEXQY ”.

    Stay tuned!

    Remember: Always do your homework and consult your own financial professional.

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