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HOUSTON, TX, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Texas South Energy, Inc. (OTC PINK: TXSO) ("Texas South" or the “Company”) announced today that the Tau Prospect in Ship Shoal, South Addition Blocks 336 and 351 was spudded on September 14, 2018 with the Rowan Ralph Coffman jack-up drilling rig. The Tau Prospect is the first in a series of sub-salt exploratory wells in which Texas South is participating with GulfSlope Energy, Inc., the Operator, and Delek GOM Investments LLC, a subsidiary of Delek Group Ltd. Texas South has a 5% working interest in the Tau prospect.
The Tau Prospect is permitted to be drilled to a depth of 26,000’ True Vertical Depth (TVD) and 29,728’ Measured Depth (MD). The well will test Upper and Middle Miocene targets trapped under a salt ridge in a similar configuration to several other deeper water fields with, according to the Operator, an unrisked reserve target of up to 300 million barrels of oil (MMBO). This large reserve target, unusual in the 305’ water depth at Tau, was interpreted through advanced seismic processing and imaging techniques employed by the Operator which resulted in a much improved subsurface image of the formations below the salt ridge. It is expected that the drilling efforts to reach the permitted MD will take at least four months to complete. With the Company’s 5% interest in the Tau Prospect, success could result in a meaningful addition to the reserves and value of Texas South.
Michael Mayell, President and CEO of Texas South, noted “The offshore sub-salt program is an excellent complement to the Company’s onshore unconventional Wilinda project which is also drilling at this time. While both projects have significant potential reserves to the Company’s interest, the onshore program could provide cash flow to enable the continued development of the offshore prospects and their expected higher reserves per well, but much longer lead times to production.”
About Texas South Energy
Texas South is engaged in the oil and gas exploration and production business. We generate, acquire and prefer to operate large-scale onshore and offshore oil and gas projects, retaining as much interest as possible in the production and reserves. To learn more, visit the Texas South website at www.texasouth.com
This press release contains statements that constitute “forward-looking statements.” All statements other than statements of historical facts included in this press release are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements. A detailed discussion of possible risks is included in “Risk Factors” included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2018. Except as otherwise required by the federal securities laws, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this press release to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Investor Contacts Texas South Energy John B. Connally III, Chairman, or Michael J. Mayell, President and CEO Phone: 713-820-6300 Email: firstname.lastname@example.org SOURCE: Texas South Energy, Inc.