TBX Resources to spin off drilling company to stockholders

TBX Resources Inc., Dallas, Tuesday said it would spin off to shareholders a drilling operation, Gulftex Drilling Inc. The spinoff will be through a stock dividend to TBX shareholders of record as of Aug.15, giving them 1 share of Gulftex common for each 5 shares of TBX owned.

July 10, 2001

By the OGJ Online Staff

HOUSTON, July 10 -- TBX Resources Inc., Dallas, Tuesday said it would spin off to shareholders a drilling operation, Gulftex Drilling Inc.

The spinoff will be through a stock dividend to TBX shareholders of record as of Aug. 15, giving them 1 common share of Gulftex for each 5 shares of TBX owned.

Gulftex Drilling expects to acquire three drilling rigs and one rework rig.

TBX also said it is acquiring from American West Resources Inc. 100% of the working interest with a related 75% net revenue interest in 3,363 acres of leases in the Barnett Shale play in Montague County, Tex.

It said up to 30 wells could be drilled over the next 2 years, using Gulftex rigs.

TBX has an option for another 7,000 acres of Barnett Shale leases in the same area of Montague County.