HOUSTON, TX, August 28, 2013 – (Accesswire) -- Texas Oil and Minerals Inc. (OTCPink: TOMI) announced today that the Company’s Auditors, Akin, Doherty, Klein & Feuge, P.C. (ADKF) are in the process of completing the Audits for the years ended December 31, 2011 and 2012. Once the Independent Audit Opinions are issued the financial statements will be uploaded onto the OTC Market and the Company will turn its attention and efforts toward the review of the results of operations of the Company’s first and second quarter 2013. Upon completion of the review of the Quarterly financials by the auditor, TOMI will upload the Quarterly results onto the OTC Market and the Company will be current with its filings. Showing TOMI:OTC:PK financials to be 100% transparent. The Company expects the reports to be filed imminently and reach an OTC 'current' status. This requires the Company to follow the Alternative Reporting Standard or the International Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Pink Basic Disclosure Guidelines, designated as OTC Pink Current Information. OTC Markets provides disclosure statements and has created OTC Pink Basic Disclosure Guidelines in order to assist issuers with understanding their disclosure obligations under the Alternative Reporting Standard.
In addition, corporate securities counsel is working with Company financial advisers to meet the current requirements to posts a quarterly Attorney Letter, pursuant to the Attorney Letter Guidelines of the Alternative Reporting Standards, that will be classified in the 'Current Information' tier.
The foregoing administrative efforts are part of the Company's strategic plan under the leadership of CEO and President Tom Gouger for the business to maximize shareholder value, provide more transparency of Company operations, and allow TOMI to meet the pre-requisites to apply for a "Fully-Reporting" status. Once this process is complete it is the intention of the Company to make the necessary filings with the appropriate regulatory agencies to move TOMI to the Bulletin Board.
About Texas Oil and Minerals
Texas Oil and Minerals creates value by acquiring and exploiting reserves in fields specifically targeted for oil and high-rate return North American clean burning natural gas. We are involved in prospects that range in value from $1,000,000 to $50,000,000, which include seismic and land projects, drilling prospects and the purchase of producing properties. With more than three generations of collective experience, this team of professional and talented production personnel can provide innovative exploration and development solutions focused on creating exceptional returns in oil and gas ventures through acquisition, exploration, and development. http://www.texasoilminerals.com/.
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This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as INCL or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
SOURCE Texas Oil and Minerals, Inc.
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