Exterra Energy, Inc. (OTCBB: EENI) is in the StockGuru Spotlight for May 12, 2009
DALLAS, TEXAS : StockGuru announces that Exterra Energy, Inc. (OTCBB: EENI) is in the StockGuru Spotlight. Exterra Energy is an emerging oil and gas exploration production company based in Amarillo, Texas, with a Field Office in Parker, County, Texas. Exterra is committed to a strong acquisition strategy purchasing producing oil properties that are undervalued due to current market conditions. Exterra is primarily active in the development, acquisition and operations of oil & gas properties, including the Newark East (Barnett Shale) Gas Field in North Texas and now holds an undivided interest in approximately 17,750 gross acres of leases in the Newark East (Barnett Shale) area with over 63 wells producing on the acreage. The Company is also active in Permian Basin West Texas with mineral acres, producing oil and gas wells, wells being put online and chemically treated, a new Saltwater Disposal Facility, a 12 mile gas gathering system and a new gas contract with Panther Pipeline and Southern Union that will increase production in Pecos County. The Barnett Shale gas field is undoubtedly one of the largest producing gas fields in the continental U.S. today, and Exterra is committed to developing and expanding its acreage and assets within the core area of the field. Exterra is further committed to increasing its oil assets by acquiring additional producing oil wells in the Permian Basin in West Texas, as well as; other areas. Exterra’s strategic plan is to take advantage of the opportunity that exists in the oil industry today by acquiring, under valued producing oil wells, since many in the Oil Industry are heavily leveraged.
On Monday, the company began trading under the new stock symbol EENI.ob, which was issued by the NASDAQ. Issuing a new symbol was the final step in completion of agreement for the acquisition of certain mineral leases with proven undeveloped oil and gas reserves in the Newark East (Barnett Shale) Gas Field of North Texas, in consideration of the payment of 5,603,577 shares of restricted common stock of the Company. Todd R. Royal, President of Exterra Energy Inc., stated, “I am very excited about the future of Exterra Energy with our most recent acquisition consisting of mineral leases with proven undeveloped oil and gas reserves. The Engineering Firm of Harper and Associates has identified 6 PUDS, on the leases, in Parker and Jack Counties, Texas. With these recently acquired assets, we will improve the company balance sheet significantly and immediately begin our development and acquisition roll up strategy of acquiring under valued oil and gas assets to increase shareholder value.” Mr. Royal went on to state: “The value of the properties acquired was based upon the discounted value of the proved undeveloped reserves done by a third party, Harper and Associates, and the trading price of the Company’s shares.”
Shares for Exterra Energy, Inc. (OTCBB: EENI) were steady for the early hours of trading on Monday and closed up four dollars and twenty cents at close.
To view our StockGuru Spotlight on CompanyNameSymbol, please visit: http://www.stockguru.com
What is the StockGuru Spotlight?
The StockGuru Spotlight features stocks that we expect some action in. Generally speaking we expect a strong showing in the market based on the market, our knowledge of the stock and the buzz in the markets. Many times these will be stocks that have big news out recently, there is fresh interest in getting the word out on these stocks or we hear a buzz in our day to day contacts on these stocks. If we think it is going to move or see action, we put it in the StockGuru Spotlight. If we are compensated for a stock in the Spotlight, it will be clearly disclosed within this Spotlight Announcement.
If you think a company should be featued in the StockGuru Spotlight, please let us know. If you are a key person for a publicly traded company, we can consider your company for either a StockGuru Spotlight or a StockGuru Profile. Please contact our Publisher John Pentony at the john@stockguru.com. You may also telephone John Pentony at (469) 252-3031.
