Topaz provided an update on the Company's business and operations. Since trading commenced on the Bulletin Board, Topaz has started consolidating the oil and gas properties held by affiliates into Topaz, and assembled a management team with a wealth of experience in building oil & gas companies in north, west and central Texas.
Notably, the Company has completed drilling operations on its first Barnett oil well to a total depth of 7740 feet, for which logs show good potential production in three formations. Topaz also initiated a Partner Program and signed definitive agreements with their first partner for a multi-well development program. Most recently, Topaz has identified a significant portfolio of potential new projects and acquisitions and has begun due diligence.
Edward J. Munden, the Chief Executive Officer of Topaz Resources, stated, "We are very pleased with our progress towards achieving our first year operational objectives. As our 2010 program matures over the next three months, we will build on these successes. We intend to complete the consolidation of affiliate owned properties, acquire oil and gas property, and commence well workover and drilling programs."
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