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IRVING, TX--(Marketwired - Jan 29, 2016) - XR Energy, Inc., (
While the Company has been holding inventory awaiting a stabilization of commodity pricing, the Company has been proceeding with its previously announced oil servicing company purchase. The acquisition will reduce oil lifting costs as well as provide a service rig and additional equipment and personnel for the Company to maintain its leases. The acquisition will reduce the company drilling and removal costs, and enable a complete in house well re-work program. Additionally, the acquisition will create a further source of revenue for the Company as it enables the Company to perform servicing work for other leaseholders. The company anticipates completing this transaction during February of 2016.
Akram Chaudhary, XR Energy's President and Chief Executive Officer, said, "We are pleased with the completion of our analysis and due diligence of this acquisition. We look forward to the closing, and the renewed ability to reduce our cost of production even further as well as provide a new source of more continuous revenue for the Company. We look forward to an improving oil price environment in 2016."
About XR Energy
XR Energy is an independently registered publicly traded company (
This press release contains forward-looking statements. Words such as "expects", "intends'', "believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.