The company will finalize this letter of intent and expects to move forward with the closing of this transaction in the very near future.
BNPD had previously sold control of the company to Biocentric Energy Holdings and For Your Information. These previous buyers and consultants did not have the funding to complete the transaction and control has therefore been conveyed to this new team of proven management who has changed the direction to Texas Oil and Minerals.
With the expanding needs of emerging third world nations as well as China as only second to the US in oil and gas consumption, the demand for oil has surpassed the supply and forced prices to rise sharply.
In addition to the demand, unrest and interruptions in the Middle East regions has added to the problems in filling orders and keeping a steady flow of crude reaching our US Markets.
The company will immediately file its updates and become a full reporting company with OTC Markets/Pink Sheets and conduct an interior accounting and financial statement of its stock issue and post its changes accordingly.
Tom Gouger will assume the presidency of the company upon closing the transaction as well as appoint a team of advisors and board members to reflect the oil and gas industry. Texas Oil and Minerals has offices in New York, Houston, and San Antonio.
Mr Gouger said: â€œWe are moving into a new venture in an industry exploding with growth as the need for domestic oil and gas continues to force up prices. Our experienced team has 35 plus years in successful drilling and exploration and confidence is high with the previous Board and majority holders.
â€œI am very pleased with our direction and my team has identified crude reserves as well as natural gas and other minerals in several properties. We continue to seek our additional leases and acquisitions and will be aggressive in drilling and bringing our product to markets.
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