Archive for the ‘Vortex Resources Corp. VTEX’ Category

Vortex Resources Corp. (VTEX.OB) Announces Share Repurchase Plan

Thursday, November 20th, 2008

Vortex Resources today announced that it is adopting a share repurchase program. The Company’s Board of Directors decided on the program in light of the depressed value of Vortex’s market price.

According to the press release, the program was designated to repurchase, at management’s discretion, up to 10,000,000 shares of common stock in the open market through December 31, 2009.

The company stated that the repurchases will be made using cash resources and will be in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 and other applicable laws, rules and regulations.

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Vortex Resources Corp. (VTEX.OB) Announces Successful Drilling and Engagement of Barnett-Shale Expert

Wednesday, November 19th, 2008

Vortex Resources Corp. announced this morning that it has retained the services of Trenergy Development LLC to assist the company’s development plans in West Texas as well as assess its options in the extensive Barnett Shale property where it is currently conducting due diligence.

Mr. Jason Lacewell, the principal of Trenergy, has extensive expertise in field development, with a particular interest in the Barnett shale. Trenergy has more than a decade of supervisory experience in petroleum production, completions, drilling and field operations, and brings a wealth of knowledge to Vortex.

Mr. Lacewell has had a successful career with Pacesetter Energy, Inc. where he led a group developing a $125 million Permian Basin program, while also managing Pacesetter’s non operated Barnett Shale interests with Devon Energy (NYSE: DVN). He has also managed 125 MMCFD gas production and later led the sale of $2.2 billion of Chief assets to Devon Energy (NYSE: DVN) and Crosstex Energy (NASDAQ: XTXI). Additionally, he’s been involved in various other projects with Cornerstone Natural Gas Engineering, LP, Republic Energy Inc. and Marathon Oil Co. (NYSE: MRO)

CEO of Vortex, Yossi Attia, stated, “We are very optimistic that with the assistance and guidance of Trenergy, we will be in a position to implement an optimal development plan for our Crockett County program and better assess our movement into the exploration of Barnett Shale. It is this kind of success and expansion that continues to add shareholder value.”

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Following 100% Success Rate on Initial Drilling Program, Vortex Resources Corp. (VTEX.OB) Exercises Option on Fifth Well

Monday, November 17th, 2008

Today before the bell, Vortex Resources Corp. announced that it is exercising the option to drill its fifth well in Adams-Baggett Field in Crockett County, Texas. The decision to move forward and drill a fifth natural gas well was made after the successful drilling of three wells in the Adams-Baggett area. Results from the fourth well have not been received as of this time.

As reported last week in a press release, two natural gas wells were successfully drilled and completed frac treatment on October 27, 2008. The third and fourth wells are expected to reach completion on or about December 5, 2008. Once these two wells are completed, the company will make plans to begin drilling on the fifth well.

Yossi Attia, CEO of Vortex, stated, “We are very excited about the direction we are headed with Vortex Resources. The new President-Elect has been looking for alternatives to off-shore drilling and despite the downward turn of oil prices, natural gas has maintained its steady composure. We are confident more than ever, that with the new Presidential Regime and the shift of focus to onshore drilling, Vortex will be at the forefront of being a viable solution.”

“We would very much like to be in the position of some of the other independent natural gas companies, such as Anadarko Petroleum Corporation (NYSE: APC), Chesapeake Energy (NYSE: CHK) and XTO Energy (NYSE:XTO). These companies have established a successful business model and that is something we are striving to do with Vortex,” Mr. Attia concluded.

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Vortex Resources Corp. (VTEX.OB) Updates Shareholders on Drilling Activities

Thursday, November 13th, 2008

Today, Vortex Resources Corp. released an update concerning its drilling operations in Crocket County, TX. So far the company has drilled three successful natural gas wells. All three of these wells (42-105-40868, 42-105-40820 and 42-105-40720) are located in the Adams-Baggett Field and will be producing from the Wolfcamp Canyon Sandstone reservoir.

Vortex Resources utilized the services of Weatherford in fracing and competing Well 42-105-40868 and Well 42-105-40820. Well 42-105-40868 was drilled to 4,708 feet and was successfully completed after frac treatment on October 27, 2008. Well 42-105-40820 was drilled to 4,672 feet and was successfully completed after frac treatment on the same date. According to the press release, both wells are scheduled to be connected to a pipeline operated by Millennium on or about November 26, 2008.

42-105-40720, the company’s third discovery well, is anticipated to be completed on or about December 5, 2008. Vortex also stated that its fourth well (API No. 42-105-40719) is almost finished with the drilling phase and will be schedule for fracing and completion as soon as the drilling phase is completed on the condition that it is a discovery well.

CEO Yossi Attia commented, “We are pleased with our progress in starting our drilling program. We aim to establish a distinguished track record in drilling successful wells with favorable return and manageable risk profiles as evidenced by the results of our first three wells.”

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Vortex Resources Corporation (VTEX.OB) Showcases a Strong Management Team

Tuesday, November 11th, 2008

Vortex Resources Corp is a publicly traded independent emerging natural resources company. The company’s focus is on the acquisition, exploration, development and production of oil, natural gas and minerals. Recently, the young company has been making a name for themselves in Crockett County, Texas where they own the rights to drill 180 wells in the Adams-Baggett field. Vortex estimates that each well contains 500 million cubic feet of natural gas reserves, which will allow them to rise quickly in the natural resource industry. One of the reasons for the company’s success is their dynamic management team which is led by their Chairman Mike M. Mustafoglu.

Mustafoglu has spent over 30 years in the energy industry where he has earned a reputation for being a leader in his field. Mustofoglu’s success has spanned the entire globe. After receiving his MBA, he was recruited by J. Paul Getty’s Getty Oil Company to join the team spearheading the expansion of Getty’s international business. Mustafoglu’s international petroleum experience includes work in the U.K., Norwegian North Sea, Spain, Angola, Indonesia, Kuwait and China. While Mustofoglu is a world renowned leader in the energy industry, he is joined by other management team members who are reshaping Vortex. One such leader is Yossi Attia.

Attria serves as Vortex’s CEO and is a veteran in the financial industry and an experienced real estate developer. Prior to joining Vortex, Attria served as Senior Vice President of Investments at Interfirst Capital. Attia has also served as Senior Vice President of Sutro & Co. and Vice President of Investments at Prudential Securities. Throughout his entire career, Attia has played an integral role in the success of every company he has led.

Another Vortex leader is Darren Dunckel who serves as the company’s COO. With over 15 years of success in the financial service industry, Dunckel has consulted more than 350 companies in a broad range of industries from start-up to Fortune 500 and served on the Board of Directors of both Private and Publicly held companies and brings a strong business plan to Vortex.

Turning to Technical Support, Vortex is led by Dr. Donald A. Goddard. Dr. Goddard has over 40 years of experience in the petroleum industry with experience in producing basins in North, Central and South America. He spent 25 years with the Gulf Oil Company (Mene Grande) in Eastern Venezuela and was Manager of Geological Operations for Maraven Oil Company. He was also a Petroleum Researcher at Louisiana State University’s Center for over 15 years. Dr. Goddard is an important asset to the young company.

With a vast array of leaders that span a variety of fields, Vortex is quickly becoming a force in the marketplace.

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Vortex Resources Corporation (VTEX.OB) is “One to Watch”

Tuesday, October 28th, 2008

Trading on the OTCBB, Vortex Resources Corporation is an emerging natural resources company. Their focus is on the acquisition, exploration, development, and production of oil, natural gas, and minerals. With current operations in West Texas, the Company’s objective is to find, acquire, and develop natural resources at the lowest cost possible. They then look to recycle their cash flows into new projects that yield high returns with controlled risk.

Vortex Resources Corporation has their corporate headquarters in Beverly Hills, California. They are currently active in Crockett County, Texas. They are proceeding there with their 180-well infill-drilling program in Adams-Baggett field to produce natural gas from Wolfcamp Canyon Sandstone reservoir. The drilling program will also target deeper Canyon Sandstone, Strawn, and Ellenburger sites.

Vortex’s mineral interests consist of a chromium mineral lease in southern Turkey. The estimated apparent reserves in this location are 135,000 tons with an equal amount of probable reserves. Chromium is an essential ingredient of stainless steel, and Vortex is working on development plans for the exploitation of these chromium deposits.

The company is committed to minimizing costs by carefully controlling operating expenses as well as overhead expenses. After Vortex’s existing properties reach a self sustaining basis, the company plans to secure additional petroleum projects in prolific basins around the world.

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Vortex Resources Corp. (VTEX.OB) Signs Agreement Letter, Bartlett Gas Acreage said to Support 108- One Billion Cubic Feet Wells

Friday, September 5th, 2008

Gone are the old days of oil and gas exploration, when a driller could stake a claim and drill a hole, hoping to hit a gusher. Today’s oil and gas marketplace is a bit different, with paperwork and lawyers being the first step in any drill program. Unfortunately, a company needs to have a certain finesse with this paperwork if it expects to bring in a gusher. If a company can be found that has skill and luck on both sides of the oil and gas exploration game (paper & drilling), profits may well gush for all.

Vortex Resources Corp., an oil and gas exploration and development company, works to discover and exploit oil and natural gas, primarily in Texas. The company’s philosophy revolves around locating and exploiting well-known deposits of oil and gas to keep costs low and investor returns high. Vortex Resources was recently acquired by Emvelco Corp., along with Davy Crockett Gas Co., to reorient Emvelco Corp. away from real estate investment and toward oil and gas exploration.

To understand Vortex Energy, one must understand the very short history of Emvelco Corp. in the oil and gas exploration market. Emvelco was originally Euroweb Inc., based in Hungary. Then it became a single-family real estate speculator in Los Angeles – filing its first 10Q for the first quarter of 2007. Not having any particular luck with real estate (where the market essentially imploded), it began working in natural gas – at the end of 2007 – with the purchase of Davy Crockett Oil & Gas. Here, the company had great first-drill success with solid gas strikes. Apparently, the company is now moving on with Vortex Resources and another very likely first-drill strike at its soon-to-be Bartlett shale site.

September 4, 2008 has found the company signing a letter of understanding to acquire the aforementioned 12+ acres of land in the well-known and highly regarded Bartlett shale gas regions of Texas. The agreement is the first of many steps to be completed before the company can begin drilling at the site. For the most part, this longer-than-usual process stems from the acreage being tied up in ownership, deep within the paperwork of Blackhawk Investments Ltd., a British concern. This is not to suggest that the unwinding process will not occur, but perhaps at a slower pace than might usually be the case.

In any event, testing at the site does indicate proven and probable reserves for up to 108 wells. Each well, if successful, should be capable of supporting over 1 billion cubic feet of gas. If not for the overall company’s (EMVELCO) general luck in finding gas deposits quickly, it would have an excellent fallback position in the paperwork administration aspects of real estate. Lightening has struck once for the overall company; there is little reason that it cannot strike twice with Vortex Resources Corp. as it readies to drill at Bartlett.

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