Caddo International Signs LOI with Tex-Jet
Caddo International management announced a letter of intent has been signed between Caddo International and Tex-Jet. Tex-Jet is a company specializing in gas lift production systems in the oilfield. This pump system extends pump life and reduces operating costs significantly because it has no moving parts. In Louisiana, Tex-Jet is working with Caddo International to complete the installation of 3 Tex-Jet gas lift systems in 3 oil and gas wells producing from the Paluxy formation. The life of the Tex-Jet pump is estimated to be 5 years after installation.
President Mario Lanza stated, "These pumps are very effective because they are not damaged by the formation sand. The traditional down-hole pump wears out in 1 year on average. If we can extend the pump life to 5 years this could significantly increase the profitability of an oil well by cutting the cost of rig time."
Caddo International is looking to acquire all Tex-Jet stock and spin off a company. Every 20 shares of Caddo International owned by the current shareholders will receive 1 share of Real-Co. Updated information on this news will be released next week.