Anticipation is growing for the pricing and trading to commence on, West Texas Resources Inc. (WTXR), one of the newest oil & gas focused penny stocks. With their S-1 approved on April 27, 2012, WTXR stock has yet to commence trading even though drilling and fracturing on their Eastland County, TX property. With capital requirements of up to $1 million in order to fund its proposed operations over the next 12 months, the inaugural trading date should occur sometime before the end of 2012.
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WTXR Stock Structure
Issued and Outstanding: 13,106,500
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From January 2011 through September 2011, West Texas Resources conducted a private placement sale of 962,000 shares of their WTXR stock at $0.25 per share for gross proceeds of $240,500. So, at least the private placement number gives us a clue that when trading begins, it should be above $0.25.
The best part about this new oil & gas penny stock is that, in September 2011, the Company acquired a 31.25% working interest in an exploratory oil and gas drilling prospect covering 120 acres in Eastland County, Texas, for $18,750 cash. One month later, West Texas Royalties, Inc., the operator of the Company’s Eastland County prospect, began drilling and fracturing operations at the initial well. Having reinvested another into the drilling program The Company made additional investments of $127,123 in November, 2011 and March, 2012, respectively, some form of updates and PR should surface soon.
About WTXR Stock
West Texas Resources, Inc. was formed for the purpose of oil and gas exploration and development in North America. In September 2011, the Company acquired their initial property consisting of a 31.25% working interest in an exploratory oil and gas drilling prospect covering 120 acres in Eastland County, Texas. The Company intends to conduct investigations and other due diligence operations related to the acquisition of equity interests in oil and gas properties to be thereafter exploited in conjunction with other oil and gas producers.
Click here to view the SEC filings for WTXR.
Bottom Line: WTXR is worth a shot for adding to the list of penny stocks to watch. Oil & gas focused penny shares have been huge winners, IDNG and ZERO for example, as well as huge diluters, CHMR for example. There is nothing thus far from our research of WTXR stock to inidcate anything below-board is happening off the books. Once we can find out more, subscribers will be some of the first to find out.
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