HOUSTON, TX -- (Marketwire) -- 10/10/12 -- Tenguy World International, Inc. (PINKSHEETS: TGWI) reported today that the Company has entered into negotiations to invest in and assume an interest in an oil and gas project that will include over 100 oil wells located in East Texas.
The field covers over 100,000 acres of Texas and was, at the time of its establishment, one of the largest oil fields in the continental United States. Early wells in the deposit produced up to 15,000 to 20,000 BOPD (barrels oil per day) without the use of pumps. This East Texas field is still the largest producing field in North America. There are over 5,000 wells still producing with some flowing naturally on their own. This field has been responsible for over 6 billion barrels of oil produced so far, and the reserves are estimated to hold an additional billion barrels of recoverable oil.
The Company was originally incorporated in 1923 in the state of Colorado. Tenguy World International is an independent oil and gas company, engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the United States.
Elite Communications, LTD
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