Texola Looks to Buy Calgary-Based Junior

Texola Energy Corp. reported that it has entered into negotiations with a private Calgary-based Oil and Gas Company to acquire its ongoing operations and producing assets. The target company commenced operations in 2003 and has focused it drilling and exploration operations in two core areas comprising 9,489 (gross acres); one core area is located in Alberta, Canada, and the other in Saskatchewan. Details relating to current daily production and other assets, including an inventory of low-risk developmental drilling locations, will be expanded upon in greater detail once the terms of the acquisition have been completed.

Management is excited by the opportunities presented by the proposed acquisition as it will, when completed, further diversify the portfolio of oil and gas prospects being explored by the Company, which include: its farm-in with Suncor et al on the Chinchaga Prospect in Alberta, Canada, and its large 120,000-acre Maverick Springs "conventional and shale prospect" in Nevada, USA. The diversity offered by the proposed acquisition is in keeping with management's goal to find, explore and develop large "blue-sky-elephant" type prospects and "near-term," low-risk, drilling and developmental prospects.

Management looks forward to reporting on the progress of its proposed acquisition as it proceeds.

Texola is an emerging, growth oil and gas exploration company focused on providing exceptional shareholder value and appreciation by finding, exploring and developing large-scale, early-stage oil and gas projects in North America.

To achieve this goal, the Company has recently undertaken various exploration initiatives, one of which is an early-stage exploration prospect in Nevada, USA, and the second is located in Northern Alberta, Canada. Both of these projects offer the Company the potential to exploit and develop large, world-class reservoirs.


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