IRVING, TX / ACCESSWIRE / October 29, 2014 / XR Energy, Inc., (OTCQB:XREG) - is pleased to announce that the Company has commenced to engage and schedule a certified Petroleum Engineering company to evaluate the Company's Oil Reserves.
"Our oil assets are reflected on our balance sheet at the predecessors historical net book value and really does not give a true picture of our underlying value", said XR Energy's CEO Akram Chaudhary, who further said, "after we complete the rework program we expect to be able to report on increased production and coupled with a completed Engineering report, be able to report on higher asset values based on these evaluated producing reserves and potential reserves available."
The Company has received a proposal from a Company consisting of qualified experts in the Oil and Gas industry that routinely report on Company's Oil and Gas reserves for SEC public company reporting and valuation purposes.
The scope of the work is to identify, evaluate and report on the Company's producing and non-producing reserves. The report is to include a present value appraisal calculation which should be compiled and available for the Company's December 31 year-end report.
About XR Energy:
XR Energy is an independently registered publicly traded company (OTCBB: XREG) in the oil and gas industry. The focus of our business is to explore, develop, enhance, and remediate multiple oil and gas properties that have proven, available reserves, using our state-of-the-art technologies and techniques. XR Energy is currently focused on various property assets in the State of Texas and is constantly looking to acquire new opportunities that fit our parameters through the enhanced production of existing properties with proven reserves. XR Energy has acquired several properties, with staged in plans for remediation, work-over, water-flood, and new drilling development programs and is planning further Oil property acquisitions. Our seasoned management team only chooses properties that can be enhanced by rework of the existing wells, thus increasing the company's cash flow and the value our leases for our shareholders.
Forward-Looking Statements:
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Forward-looking statements in this release include that we are about to manufacture our products, we can compete in the energy storage business, and our products will provide an energy storage solution to industry. The Company's products involve detailed proprietary and engineering knowledge and specific customer adoption criteria, hence factors that could cause actual results to be materially different include that we may be unsuccessful in raising any additional capital needs that may arise; we may not have sufficient capital to develop, produce and deliver orders; orders that are placed may be cancelled; product may not perform as well as expected; markets may not develop as quickly as anticipated or at all; or that the productive capacity of the company may not be large enough to handle market demand. Further, we are reliant on certain key employees who may leave the Company and we may be unable to protect or defend our intellectual property. Investors are cautioned against placing undue reliance on forward-looking statements. Refer to all public filings and risk factors included in the 8-K, 10-Q and 10-K as filed with the SEC.
CONTACT:
XR Energy, Inc.
8411 Sterling Street, Suite 102
Irving, TX 75063
Telephone: (972)929-4444
Fax: (972)929-2244
Email: [email protected]
Visit our website at www.xrenergy.com
SOURCE: XR Energy, Inc.