TX HOLDINGS, INC. management reported that, as of this week, the pumps on three oil wells on the Parks Lease have now been turned on and have commenced production.
In late January, the Company reported in a press announcement that the construction had begun, and that management was developing an operational plan for these and other wells on leases that they own. An additional nine wells will be complete in the very near future on the Parks Lease.
In order to produce and sell we were required to post a bond with the Texas Railroad Commission, and as previously reported, this bond was posted, and was done for the first time by TX HOLDINGS, INC., and not by a third party. This bond allows us to operate up to 99 wells. TX HOLDINGS, INC. has been fully inspected and stands compliant with all Texas Railroad Commission requirements for the Parks Lease.
As background information, TX HOLDINGS' Parks Lease consists of the Company having acquired a seventy-five percent (75%) working interest in this lease. The Parks Lease is 320 acres with estimated recoverable reserves internally estimated to be 12M to 13M barrels.
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