Cyber Enviro-Tech Strengthens Strategy with Asset Spinoff
Cyber Enviro-Tech Reinvents Its Business Model
Cyber Enviro-Tech, Inc. (CETI), a progressive environmental solutions company committed to addressing industrial waste challenges, recently announced a significant business maneuver. They have decided to spin off their Alvey Oil Field operation to Texas Coastal Energy, Corp. (TCEC). This strategic shift allows CETI to hone in on its core mission of providing top-tier environmental remediation services.
A Strategic Move Towards Specialization
TCEC has recently completed a reverse merger that positioned it to take control and oversee operations at West Texas Resources, Inc. (WTXR). This advancement has enabled TCEC to amplify its portfolio of oil and gas ventures, particularly focusing on revitalizing legacy oil fields in the region. The acquisition of the Alvey Oil Field is set to play a crucial role in WTXR's growth strategy.
Refining Focus on Environmental Remediation Projects
Originally, CETI acquired the Alvey Oil Field as a test site for their innovative oil production techniques. However, as their technology has progressed, the focus has shifted more towards large-scale remediation projects. By divesting from the Alvey asset, CETI aims to redirect resources towards expanding their environmental cleanup initiatives, both domestically and internationally. This spinoff not only allows CETI to concentrate on new projects but also enables shareholders to benefit from the growth of Alvey under a company skilled in oil production.
Leadership Stepping Up for Growth
Under the guidance of Donald H. Goree, an experienced oil industry leader, WTXR is keen on unveiling the Alvey Oil Field's latent potential. Mr. Goree boasts over 45 years of experience, having founded several publicly traded companies and possesses a profound understanding of corporate finance. His leadership is vital for implementing a roll-up strategy centered on oil and gas fields that exhibit proven, recoverable reserves, thus enhancing growth prospects.
Unlocking Potential of Oil Reserves
WTXR's properties are estimated to hold over 77 million barrels of recoverable oil and 120 billion cubic feet of natural gas. The addition of the Alvey Oil Field, which contains about 44 million barrels of oil reserves waiting to be tapped, substantially boosts WTXR's asset base. This integration reinforces their market footprint and operational readiness to scale up recovery efforts using modern methods.
Remarks from Leadership on Future Endeavors
Kim D. Southworth, Co-Founder and CEO of CETI, expressed enthusiasm about this transaction, citing it as a pivotal step towards sharpening their focus on the increasing global demand for environmental remediation. "Exchanging the Alvey Oil Field for equity in a company poised to optimize its reserves aligns with our long-term growth strategy and shareholder interests. We are excited about contributing to the Alvey asset's future developments while prioritizing our innovative cleanup projects," Southworth stated.
Benefits Expected from the Spinoff
Goree emphasized the immense opportunities presented by acquiring underdeveloped oil and gas assets. His vision for the Alvey Oil Field aligns with WTXR's growth strategy, focusing on maximizing the long-term value of these resources. The potential for future expansions and advancements bodes well not just for WTXR, but also for CETI, as they continue to develop their specialized remediation solutions.
About Cyber Enviro-Tech, Inc.
CETI is emerging as a key player in the environmental cleanup arena. Utilizing advanced technologies, they work to neutralize hazardous contaminants in industrial settings—from wastewater to oil spills. Their unique blend of innovative mediums and biological processes is reshaping the industry's approach to environmental challenges.
About West Texas Resources, Inc.
WTXR focuses on acquiring and developing oil and gas leases. The company has established itself with 59 equipped wells, showcasing a commitment to revitalize aging oil fields through modern recovery practices. Their strategic approach is designed to foster long-term growth and sustainability in the energy sector.
Frequently Asked Questions
What is the main purpose of CETI's spinoff?
The spinoff allows CETI to better focus on its core mission of environmental remediation while giving TCEC the opportunity to optimize the Alvey Oil Field.
How does the acquisition benefit TCEC?
The acquisition enhances TCEC's portfolio, providing access to additional resources and opportunities for growth within the oil sector.
Who is leading WTXR and what is his experience?
Donald H. Goree leads WTXR with over 45 years of experience in the oil industry, focusing on corporate finance and operational growth.
What are the estimated reserves of the Alvey Oil Field?
The Alvey Oil Field is estimated to contain approximately 44 million barrels of recoverable oil reserves.
What technologies does CETI employ?
CETI utilizes proprietary bioremedial materials and industrial technologies to eliminate hazardous contaminants in various environments.
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