TexCom, Inc. (PINKSHEETS: TEXC) ("TexCom" or the "Company"), an environmental services company for the oil and gas industry, today announced that it has completed the drilling of a second disposal well at its M.B. Environmental Services waste disposal facility in Chambers County, Texas. The drill was conducted by Maverick Drilling Company.
Completion of the 2nd well is adding 7,500 Barrels per day to TexCom's permitted daily disposal capacity, a 50% increase over current levels. The combination of the increased disposal capacity and the expansion of receiving and processing facilities announced earlier will significantly impact offloading efficiency, resulting in time and cost savings for customers, according to Don Black, President of M.B. Environmental Services.
TexCom C.E.O. Lou Ross added, "Improving efficiency in offloading and disposing of our customers' Class II oilfield waste will provide benefits for both our customers and our selves. The additional temporary storage capacity that will be derived from the expansion of receiving facilities will allow us to increase our speed and efficiency and reduce the turnaround time for our customers. At the same time, we will be positioning ourselves to grow revenues in step with the continuing growth in oil and gas drilling activity we are forecasting for our marketing area."
TexCom, Inc., headquartered in Houston, Texas, is a growth-oriented company with its primary focus on the disposal of nonhazardous wastes and production of biodiesel. Domestically, TexCom disposes of nonhazardous materials generated by oil and gas exploration and production and is expanding its interests in disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries.
About Maverick Drilling Company
Maverick Drilling Company is a wholly owned subsidiary of Maverick Drilling & Exploration Limited, a diversified energy company with headquarters in Brisbane, Australia. The contract drilling subsidiary has been servicing customers in Texas, Oklahoma, and Louisiana for over thirty six years. Further information regarding the Maverick companies can be obtained at www.maverickdrilling.com (http://www.maverickdrilling.com) .
This press release may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.