TXO PLC Provides Production Update
Oil production in the three months to March 31, 2008 was 9,351 barrels and gas production was 2,810 MCF, while oil production for the year ended March 31, 2008 was 41,935 barrels.
The average price for East Texas Sweet during the three months to March 31, 2008 was $93.66 per barrel broken and the daily price for East Texas Sweet on June 6, 2008 was $134.50 per barrel.
The company currently receives a loyalty bonus of $1.75 per barrel in addition to the East Texas Sweet price.
Further announced was the Barnwell Brawley lease Farmout and Well Deepening, TXO has now deepened and completed 3 out the 4 wells, and has encountered lower stringers in 2 of the 3 completed wells. Initial production data is expected in July 2008.
The company is also announced that it has appointed Berg Kaprow Lewis LLP as the company's auditors. Following the merger of MRI Moores Rowland with Mazars, the Board felt that it was prudent to put the audit out to tender and following the results of this tender, a decision was taken to change auditors to Berg Kaprow Lewis.