Topaz Resources, Inc. (OTC:TOPZ) announced yesterday that it completed the first phase of the consolidation into Topaz of a North Texas shallow oil project by acquiring 4 producing oil wells located in Wichita County. Shares of Topaz Resources jumped more than 50 percent today to 10 cents per share on very heavy volume of nearly 3.5 million shares compared to its average daily volume of about 2.5 million shares. Topaz Resources has a market cap of $50 million and a 52-week range between $0.02 and $0.66 per share.
Topaz intends to undertake a workover program on each of these 4 wells as the most cost efficient means of increasing production on these wells. The Company also intends to bring several additional wells back on-line through this workover program.
Of strategic importance, this acquisition includes 1 injection well, critical for this Topaz North Texas shallow oil project because it enables Topaz to dispose of the water generated from production of existing and new wells in an efficient and inexpensive manner, instead of paying 3rd parties to haul the water away.
The remaining consolidation of this Topaz North Texas shallow oil project is scheduled to be completed in November.
Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas.
More information can be found on the Company's website at www.topazresourcesinc.com.
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