Texas Energy Group
19019 Hwy 71 West
Spicewood TX 78669
Ph (512) 263-8106
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Ph (877) 893-6749
Fx (512) 263-8136
Texas Energy Group, LLC (TEG) Affiliate Announces Release of First Reserve Report
Texas Energy Group, LLC (TEG) affiliate, Spicewood Energy Management, LLC, announces the release of its first annual third party reserve report for Spicewood Energy Fund I, LP.
FOR IMMEDIATE RELEASE
Austin, TX – March 24, 2015- Texas Energy Group, LLC’s (TEG) affiliate company, Spicewood Energy Management, LLC (SEM) ) has announced the release of its first annual third party reserve report for Spicewood Energy Fund I, LP (SEFI). SEFI, which closed on August 31, 2014, holds ownership interest in a variety of midstream oil and gas activities. The third party reserve report was released privately to SEFI partners and will soon be made available to the general public via the SEM website.
As part of SEM’s transparency commitment to their partners, they engaged the services of J. Lam, a Texas based oil and gas consultant, to conduct their 2014 3rd party reserve report analysis on each of their managed LPs. “I am very pleased to announce that with only a small deployment of approximately 6.8% of SEFI’s total capital raise in 2014, we have still been able to generate a PV10 value that would return just over 22% ROCE given an immediate divestiture,” stated Waylan Johnson, President of TEG and SEM. He further stated, “The fact that these results have stemmed from the fund’s participation in only three projects simply serves to validate the formula by which we have structured our LPs.”
SEM expects to begin partner distributions for SEFI in the 3rd quarter of 2015 and has already secured interest in over a dozen projects on behalf of the fund.
TEG and SEM have a long history of engaging the services of many top tier providers ranging from legal, due diligence, banking, accounting, and reserve reporting to ensure complete transparency for its partnerships and partners. “Aligning our firms with quality providers and having them conduct third party annual reports, simply upholds the responsibility we have to our partners. As a management company, we are committed to providing our partners with only the best, fully transparent, service,” stated Mr. Johnson.
SEM’s current managed fund offering, Spicewood Energy Fund III, LP, is being offered to verifiable accredited investors only.
TEG’s affiliate, Spicewood Energy Management, LLC, was formed to manage oil and gas investments through multiple limited partnerships. For further information regarding topics discussed in this article please contact Texas Energy Group, LLC via their Investor Relations Department; (877) 893-6749. SEM may also be contacted directly via (512) 610-0552 or www.SpicewoodEnergy.com
Emails may be directed to Info@TexasEnergyGroup.com or Info@SpicewoodEnergy.com
Disclaimer: This release/announcement/document is neither an advertisement, an offer to sell, nor a solicitation of an offer to buy securities, Units or participations of Texas Energy Group, LLC (TEG). This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/announcement/document, a Memorandum, or the TEG website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release/document, a Memorandum, or the TEG Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, a Memorandum, or the TEG Website might not occur. Accordingly, investors should not rely upon forward-looking statements or historical performance as a prediction or indicator of actual or future results. Also, Texas Energy Group, LLC., its officers, principals, employees, agents, subsidiaries, affiliates and consultants, and the other parties, investors, and partners involved in any properties, programs and TEG activities have conflicts of interests. The price received for the oil and natural gas produced from any investments, activities, properties may be less than quoted NYMEX prices at any given times. TEG does not undertake any obligation to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise. Information herein is not intended to be any form of solicitation. Information contained herein should not be construed as investment advice. TEG is not a tax professional and does not offer any tax advice.
Disclaimer: Information herein is not intended to be any form of solicitation. Information found on this page and throughout this entire website is neither an offer to buy or sell securities or other investments.
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