West Texas Resources Enters Letter of Intent to Acquire Louisiana Oil and Gas Properties

West Texas Resources, Inc. a Texas-based independent oil and gas company, today announced that it has entered into a Letter of Intent ("LOI") with MORANSCO Energy Corporation of Shreveport, Louisiana to acquire The Dixie/Dzurich Production. The LOI involves West Texas Resources acquiring 100% working interest (82.3% net revenue) of 57 wells on approximately 3,841 acres in the State of Louisiana. The acquisition will be an all cash transaction and expected to close June 30, 2016.

J.D. Kerr, CEO of West Texas Resources, said, "The Dixie/Dzurich acquisition represents the culmination of a great deal of work by all the parties involved and we are very pleased with this outcome. Our company continues to search for and identify attractive opportunities, particularly in this very stressful time for other oil and gas operators. West Texas Resources remains aggressive in its pursuit of undervalued oil and gas properties to acquire and by doing so build shareholder value."