History
West Texas Resources bought Louisiana oil and gas stakes in 2013, sold them all by 2015, took on Montana and North Dakota leases from its controlling shareholder, then stopped SEC reporting in 2021.
2013-2014: Buying into Louisiana
West Texas Resources, based in Frisco, Texas, started its recent story in August 2013. It bought a 7.24625% working interest in the Port Hudson field in Louisiana from Wells Fargo Energy Capital for $702,900. Part of the price came from a $417,762 loan from majority shareholder Gary Bryant, at 8% interest and repaid over four years. The company also agreed to buy a 10.0167% working interest in West Cam 225, offshore Louisiana, for $50,000.
The West Cam purchase closed in September 2013. To cover its share of expenses, the company borrowed $230,000: $130,000 from Bryant and $100,000 from a third party. Bryant's two loans were convertible into shares at $0.50 each, which could dilute other shareholders if converted. Shares on issue rose from 13,106,500 at the end of 2012 to 14,079,400 at the end of 2013; the beats do not explain the rise.
In April 2014 the company began to step back. It sold 44.1% of its Port Hudson interest to EnTek Partners for $290,000, leaving 4.0506%. EnTek also agreed to provide $275,000 of financing for work at West Cam 225 in return for a share of that property's profits.
2015-2021: Exit, Kiowa leases and silence
In April 2015 the company sold its remaining Port Hudson interest to Hi-Tech Exploration for $205,000 and all of West Cam 225 for $130,500, $335,500 in total. That ended the 2013 positions. It said it meant to use the cash for a working interest in an exploratory project, but the filings show no completion.
On September 30, 2015, it acquired oil and gas leases covering up to about 37,702 gross mineral acres, up to 24,282 in Montana and 7,487 in North Dakota, from Kiowa Oil Company, which Bryant controls. Payment was in shares at $0.50 each, set by an independent valuation, plus a 15% royalty. The dilution was not yet determined. Share counts later rose to 16,844,908 in 2016 and 17,956,908 in 2017, though the beats do not link these to specific deals.
The record then goes quiet. In September 2021 the company suspended its duty to file periodic reports with the SEC. It had also taken a 10% interest in the Birnie field in Texas in 2014, with no later sale seen, and the repayment of its loans was never disclosed.
Written from the 6 story beats below (2013 to 14 Sept 2021), which come from the company's own announcements and filings.