HOUSTON, Aug. 9 /PRNewswire-FirstCall/ -- VTEX Energy, Inc. (OTC:VXEN) (BULLETIN BOARD: VXEN) announced today that it concluded its transaction previously released on May 23, 2006 to contribute its wholly owned subsidiary, Viking International Petroleum, to US Energy Overseas Investments, LLC (Overseas), a subsidiary of U.S. Energy Systems, Inc. (NASDAQ:USEY) for consideration in the form of an equity position in Overseas which is convertible into common stock of USEY.
Stephen Noser, President and Chief Executive Officer of VTEX Energy, Inc. said, "The closing of this transaction is of great significance to VTEX's shareholders, balance sheet and financial condition." About VTEX Energy, Inc.
VTEX Energy, Inc. is an independent oil and gas exploration and production company with offices in Houston, Texas. The Company is engaged in the acquisition, development and production of oil and natural gas reserves. The Company currently has two properties, Bateman Lake Field located in St. Mary's Parish, Louisiana, and Mustang Island Field located offshore Kleberg County, Texas with estimated future net cash flows (discounted at 10%) from proved oil & gas reserves of approximately $30,500,000. These reserves are concentrated in two fields, the Bateman Lake field in St. Mary's Parish, Louisiana and the Mustang Island 818-L field located offshore in Texas State waters.
For more information contact This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties. DATASOURCE: VTEX Energy, Inc.
CONTACT: VTEX Energy, Inc., +1-713-773-3284, or
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