DALLAS, TX -- (Marketwired) -- 02/03/14 -- Core Resource Management, Inc. (OTCQB: CRMI) (www.coreresource.net), through its wholly owned subsidiary, Core-Chiltepin Holdings, Inc. has entered into an exclusive option to acquire a 50% working interest in the properties owned by Chiltepin Resources, LLC. This includes forty-two (42) producing wells averaging 110 BPD and 1,310 MCFPD, the planned reworking of 16 wells and drilling 6 new wells over the next twelve months. The Properties are all operated by Lexus Oil LLC Giddings, Texas and are located on 9,826 gross acres including 5,433 gross acres with Eagle Ford formation in Burleson, Fayette, Lee and Washington Counties in central Texas. The acquisition is expected to close within 60 days and once completed will bring the total number of wells in which Core has interests to 82.
About the Company:
Core Resource Management is a Dallas based oil & gas company engaged in the acquisition of existing oil & gas production in partnership with established oil & gas operators in Texas and the Southwest and may, from time to time, acquire positions in smaller publicly traded E&P companies. The Company does not currently engage in direct exploration but will acquire positions of up to 80% in current oil & gas production from well established operators, seeking from time to time, to sell a percentage of their existing production in order to recycle their capital into new leases and wells. Management believes it can maximize value for its shareholders while also negotiating fair and reasonable valuations for its drilling partners.
Forward Looking Statements:
Statements which are not historical facts contained in this release are forward looking statements, such as "immediately accretive" that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements.
The information herein is subject to change without notice. Core Resource Management, Inc. shall not be liable for technical or editorial errors or omissions contained herein.
Core Resource Management, Inc.
W. Brown Glenn Jr.
214 365 3099
Source: Core Resource Management, Inc.
Released February 3, 2014