Texas Energy Group, LLC (TEG) and its affiliate operating company, Resaca Resources, LLC (Resaca) have contracted with Progress Drilling for three new developmental wells to be drilled in Liberty County, Texas within the next several months.
“Resaca and TEG have a long standing relationship with Progress Drilling and are excited to be able to partner with them again on these three new drilling prospects,” stated Waylan Johnson, President of TEG.
TEG has shown great success in the Liberty County area over the past several years. “Our Liberty County prospects have proven profitable for both the company and its investors. We thrive on bringing such quality industry projects to the private investor who can benefit from not only portfolio diversification but also from the huge tax benefits associated with direct working interest participation in these types of lower risk, multi-well developmental drilling programs,” stated Mr. Johnson. He further stated,“Most of our drilling programs have benefited up to an 80-90% Intangible Drilling Cost Write Offs (IDCs) in the first year, along with the IRS Depletion Allowance of 15% gross income tax free.”
For further information regarding topics discussed in this article please contact Texas Energy Group, LLC directly via their Investor Relations Department; (877) 893-6749 or visit them on the web at TexasEnergyGroup.com where you can sign up for the TEG (corporate) mailing list and receive up to date information on general TEG activities, including all TEG press releases.
Please note that Texas Energy Group, LLC is not a Tax Advisor, CPA or Tax Attorney and is not certified to give any tax advice. The information in this press release is for educational purposes only and individuals should consult their own tax professional for advice. Additionally, further information regarding the above noted deductions can be found by referencing IRS Sections 263©, 59(e) for IDCs/613 for Depletion Allowance. Texas Energy Group, LLC offers no professional tax advice.
Disclaimer: This release/announcement/document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. Information herein is not intended to be any form of solicitation. Information found on this page is neither an offer to buy or sell securities or other investments.