VTEX Enters JV to Develop Bateman Lake Reserves
VTEX Energy, Inc. has entered into an exclusive letter of intent for the initial phase of a $5 million dollar joint venture development for natural gas produced from VTEX's wells located in the Bateman Lake Field, St. Mary's Parish, Louisiana. This transaction is subject to completion of final documentation and requisite approvals.
Marshall Smith, Chairman and CEO of VTEX said, "I believe this transaction to be the first of a number of significant steps in the development of VTEX's high quality U.S. domestic natural gas reserve base."
VTEX Energy, Inc. is an independent oil and gas exploration and production company with offices in Houston, Texas. The Company is engaged in the acquisition, development and production of oil and natural gas reserves. The Company currently has two properties, Bateman Lake Field located in St. Mary's Parish, Louisiana, and Mustang Island Field located offshore Kleberg County, Texas with estimated future net cash flows (discounted at 10%) from proved oil & gas reserves of approximately $30,500,000. These reserves are concentrated in two fields, the Bateman Lake field in St. Mary's Parish, Louisiana and the Mustang Island 818-L field located offshore in Texas State waters.