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______________________________________________________________________________________________
DALLAS, TX, May 10, 2005 – Trek Resources, Inc. (the “Company”) (OTCBB:
TREK) today announced that it has completed a “going private”
transaction. Following a 1-for-100 reverse stock split of the Company’s
common stock, the Company terminated the registration of its common
stock under the Securities Exchange Act of 1934, thereby terminating the
Company’s reporting obligations with the Securities and Exchange
Commission.
As a result
of the going private transaction, the Company’s common stock will no
longer be listed on the OTC Bulletin Board.
In
the reverse stock split, the Company’s common stockholders are entitled
to receive cash in the amount of $2.50 per pre-split share in lieu of
any fractional shares of post-split common stock. As a result, holders
of fewer than 100 shares of pre-split common stock at the time of the
reverse stock split will not remain Trek stockholders. Holders of more
than 100 shares of pre-split common stock received one share of new
post-split common stock for each 100 shares of pre-split common stock,
plus cash in lieu of any fractional share.
Stockholders will receive instructions regarding
the method of exchanging old stock certificates for cash and/or stock
certificates representing shares of post-split common stock.
Stockholders need not do anything with their stock certificates until
they receive instructions. Copies of certain documents filed by the
Company with the SEC relating to the reverse stock split are available
without charge at the SEC’s website at
http://www.sec.gov or from the Company.
Michael E. Montgomery, the Company’s chairman, president and chief
executive officer, commented “the resources required to maintain our
compliance with the increasingly complex regulations imposed on publicly
held companies by the SEC have grown rapidly over the last few years.
These efforts now consume a far greater percentage of our management and
financial resources than can be justified by the benefits derived. Our
stockholders will be far better served by the Company directing the
resources freed by this change into activities that will contribute
directly to the Company’s bottom line.”
Trek is a Dallas-based domestic oil and gas
acquisition and production company with oil and gas assets principally
in Texas and Oklahoma. More information about the Company may be found
at the Company’s web site,
http://www.trekresources.com/ or by contacting
Mr. Montgomery at Trek’s headquarters, 4925 Greenville Avenue, Suite
955, Dallas, Texas 75206, telephone number (214) 373-0318.
The Company
notes that statements contained in this news release that are not based
on historical facts are forward-looking statements and, as such, are
subject to uncertainties and risks that could cause actual results to
differ materially from those projected or implied by such statements.
These risks, contingencies and uncertainties, many of which are beyond
the Company’s control, include those risk factors that are set forth in
the Company’s Annual Report on Form 10-KSB for the year ended September
30, 2004, the Company’s Quarterly Report on Form 10-QSB for the
quarterly period ending December 31, 2004, and the Company's Reports on
Form 8-K, all on file with the U.S. Securities and Exchange Commission.
The Company is not obligated to publicly update or revise these risks,
contingencies, uncertainties or forward-looking statements.
Tuesday, May 18,
2004
Press Release
Trek Announces Second Quarter Earnings
DALLAS, May 18, 2004/ PRNewswire / --
Trek Resources, Inc. (OTCBB: TREK) (“Trek” or the “Company”) announced
today as stated in the Company’s Quarterly Report on Form 10-QSB that
was filed with the Securities and Exchange Commission on May 14, 2004,
the Company’s net income for the three months ending March 31, 2004 was
$504,320, compared to a net income of $419,749 for the same period in
the prior year. The Company’s results of operations for the second
quarter of fiscal 2004 were favorably impacted by lower lease operating
costs and the absence of losses on derivative contracts. Offsetting
those effects were lower natural gas sales, higher general and
administrative costs and higher depletion expense.
In the quarter ended March 31, 2004, the
Company purchased two producing natural gas wells in Cottle County,
Texas. Trek took over operations of these two wells in April 2004.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site,
www.trekresources.com, and in the
Company’s filings with the Securities and Exchange Commission.
FORWARD-LOOKING STATEMENTS:
This press release may
contain certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the Company’s operations. When statements in this press release
contain any of the words “believes,” “expects,” “intends,”
“anticipates,” or similar expressions, the Company is making
forward-looking statements. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, such statements. Factors that
might cause such a difference include those detailed from time to time
in the Company's filings with the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
______________________________________________________________________________________________
Wednesday, February 18, 2004
Press Release
Trek Announces First Quarter Earnings
DALLAS, February 18, 2004/ PRNewswire /
-- Trek Resources, Inc. (OTCBB: TREK) (“Trek” or the “Company”)
announces today as stated in the Company’s Quarterly Report on Form
10-QSB that was filed with the Securities and Exchange Commission on
February 17, 2004, the Company’s net income for the three months ending
December 31, 2003 was $369,363, compared to a net income of $183,750 for
the same period in the prior year. The Company’s results of operations
for the first quarter of fiscal 2004 were favorably impacted by higher
oil and gas prices, as well as higher oil and natural gas volumes,
coupled with lower general and administrative expenses and lower
interest expense. Offsetting those effects were higher lease operating
expenses and higher depletion expense.
Trek is in the process of drilling and
completing four new wells. Two of these wells are in Cottle County,
Texas, one is located in Eastland County, Texas, and one is located in
Claiborne Parish, Louisiana. These drilling activities, including the
estimated amount of total expenses and the Company’s respective working
interests in each well, are described in Trek’s Form 10-QSB referenced
above. There can be no assurance that any of these wells will be
successful.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site,
www.trekresources.com, and in the
Company’s filings with the Securities and Exchange Commission.
FORWARD-LOOKING STATEMENTS:
This press release may
contain certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the Company’s operations. When statements in this press release
contain any of the words “believes,” “expects,” “intends,”
“anticipates,” or similar expressions, the Company is making
forward-looking statements. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, such statements. Factors that
might cause such a difference include those detailed from time to time
in the Company's filings with the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
_____________________________________________________________________________________________
Friday, August 15, 2003
Press Release
Trek Announces Third Quarter Earnings
DALLAS, August 15, 2003/ PRNewswire / --
Trek Resources, Inc. (OTCBB: TREK) (“Trek” or the “Company”) announces
today as stated in the Company’s Quarterly Report on Form 10-QSB that
was filed with the Securities and Exchange Commission on August 14,
2003, the Company’s net income for the three months ending June 30, 2003
was $290,897, compared to a net income of $97,121 for the same period in
the prior year. The Company’s results of operations for the third
quarter of fiscal 2003 were favorably impacted by higher oil and gas
prices and higher gas volumes, coupled with lower general and
administrative expenses and the absence of losses on derivative
contracts. Offsetting those effects were lower oil volumes and higher
lease operating expenses.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site,
www.trekresources.com.
FORWARD-LOOKING STATEMENTS:
This press release contains
certain forward-looking statements. These forward-looking statements
include information about possible or assumed future results of the
Company’s operations. When statements in this press release contain any
of the words “believes,” “expects,” “intends,” “anticipates,” or
similar expressions, the Company is making forward-looking statements.
Forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from those expressed in, or
implied by, such statements. Factors that might cause such a difference
include those detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
____________________________________________________________________________________________
Wednesday, May 28,
2003
Press Release
Trek
Announces $25 Million Credit Facility with Wells Fargo
DALLAS, May 28,
2003/ PRNewswire / -- Trek Resources, Inc. (OTCBB: TREK) (“Trek” or the
“Company”) announces today that the Company has
entered into a new secured credit
facility with Wells Fargo Bank Texas, National Association. This credit
facility will allow Trek to borrow up to $25 million
from Wells Fargo on a revolving basis,
subject to borrowing base limitations.
Trek will use this credit facility to repay its borrowings under its
existing loan facility with Compass Bank, which matures on June 1, 2003.
The Company’s
borrowing base under the new credit facility will be initially set at
$11 million. The borrowing base will be evaluated and reset by Wells
Fargo on March 1 and September 1 of each year.
Trek will pay
interest on its borrowings under the new credit facility equal to the
lesser of LIBOR plus 3.25% or Wells Fargo’s prime rate of interest plus
0.5%. The new credit facility is secured by a lien on approximately 80%
of Trek’s oil and natural gas properties and matures on April 30, 2006.
“This credit
facility represents a step in the right direction for the Company,” said
Michael E. Montgomery, Chairman of the Board and Chief Executive Officer
of Trek. Mr. Montgomery continued, “In addition to permitting Trek to
timely repay its obligations to Compass Bank, this facility will provide
additional liquidity for our working capital needs.”
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site,
www.trekresources.com.
FORWARD-LOOKING STATEMENTS:
This press release contains
certain forward-looking statements. These forward-looking statements
include information about possible or assumed future results of the
Company’s operations. When statements in this press release contain any
of the words “believes,” “expects,” “intends,” “anticipates,” or
similar expressions, the Company is making forward-looking statements.
Forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from those expressed in, or
implied by, such statements. Factors that might cause such a difference
include those detailed from time to time in the Company's filings with
the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
___________________________________________________________________________________________
Monday, March 31, 2003
Press Release
Trek to Explore Strategic Alternatives
DALLAS, March 31,
2003/ PRNewswire / -- Trek Resources, Inc. (OTCBB: TREK) (“Trek” or the
“Company”) announces today that the Company is exploring strategic
alternatives, including, among other things, a merger, consolidation or
other acquisition of the outstanding equity interests in the Company or
a sale of all or substantially all of Trek’s assets.
Trek has retained
Energy Spectrum Advisors Inc. as its financial advisor to assist the
Board of Directors in evaluating the Company’s strategic alternatives.
Energy Spectrum Advisors is a Dallas-based investment bank that
specializes in advising oil and natural gas companies in various
financial matters.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site,
www.trekresources.com.
FORWARD-LOOKING
STATEMENTS:
This press release
contains certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the Company’s operations. When statements in this press release
contain any of the words “believes,” “expects,” “intends,”
“anticipates,” or similar expressions, the Company is making
forward-looking statements. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, such statements. Factors that
might cause such a difference include those detailed from time to time
in the Company's filings with the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
__________________________________________________________________________
Friday, February 21,
2003
Press Release
Trek Announces Reverse Stock Split and First
Quarter Earnings
DALLAS, February 21, 2003/ PRNewswire / -- Trek
Resources, Inc. (OTCBB: TKRD) ("Trek" or the "Company") announces today
that at the Company’s Annual Meeting of Stockholders held on February
20, 2003, the stockholders of the Company approved an amendment to
Trek’s Certificate of Incorporation to effect a ten-for-one (10:1)
reverse stock split of the Company’s shares of common stock, par value
$0.01 per share. The effective date for the reverse split will be
Monday, February 24, 2003. Each ten shares of the Company’s common stock
outstanding on that date will be automatically converted into one share
of common stock with a par value of $0.10.
The total number of authorized shares of common
stock of the Company will remain unchanged at 50,000,000 shares. The
Company will settle any fractional interests of common stock that result
from the reverse stock split by paying a proportional amount in cash in
lieu of the issuance of fractional shares. Beginning on Monday, February
24, 2003 the company’s common stock will be quoted on the
over-the-counter bulletin board under the ticker symbol "TREK."
"I am pleased to see that this reverse stock
split is taking place," said Michael E. Montgomery, Trek’s Chief
Executive Officer and Chairman. "We hope that the reverse stock split
will help increase the trading activity in our common stock and enable
our stockholders to realize greater liquidity in their investment."
As stated in the Company’s Quarterly Report on
Form 10-QSB that was filed with the Securities and Exchange Commission
on February 14, 2003, the Company’s net income for the three months
ending December 31, 2002 was $183,750, compared to a net loss of
$268,668 for the same period in the prior year. The Company’s results of
operations for the first quarter of fiscal 2003 were favorably impacted
by higher oil and gas prices, coupled with lower lease operating
expenses and general and administrative expenses. Offsetting those
effects were lower oil and gas volumes and higher depletion expense. In
addition, the Company’s adoption of Financial Accounting Standards Board
Statement No. 143 resulted in a $60,000 cumulative loss effect with the
related change in accounting principle.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site, www.trekresources.com.
FORWARD-LOOKING STATEMENTS: This press release
contains certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the Company’s operations. When statements in this press release
contain any of the words "believes," "expects," "intends,"
"anticipates," or similar expressions, the Company is making
forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those expressed in, or implied by, such statements. Factors that might
cause such a difference include those detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or snelson@trekresources.com
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Trek Announces Financial Results for Fiscal
2002
DALLAS, December 17, 2002 / PRNewswire / --
Trek Resources, Inc. (OTCBB: TKRD) reports today that its results for
fiscal 2002 reflect net losses of $898,000, or $.025 per diluted share,
compared to a net income of $743,000, or $.02 per diluted share for the
prior year.
The Company’s results of operations during
fiscal 2002 were unfavorably impacted by lower oil and natural gas
prices as well as slightly lower oil volumes, higher depletion expenses
and unrealized losses on derivatives. Offsetting those effects were
higher gas volumes, lower general and administrative expenses, lower
lease operating expenses, and lower interest expense.
Oil and natural gas sales were $5.5 million
during fiscal 2002, compared to $7.0 million in fiscal 2001. This
decrease was the effect of $1.8 million related to lower prices on oil
and natural gas net of $400,000 of increased natural gas sales volumes.
Weighted average annual prices were $22.73 per Bbl and $2.85 per Mcf of
natural gas during fiscal 2002, compared to $25.83 per Bbl and $4.65 per
Mcf in 2001. We sold 147 MBbls of oil during fiscal 2002, versus 149
MBbls in the prior year. Corresponding natural gas sales were 760 MMcf
in fiscal 2002 and 676 MMcf in fiscal 2001. The increased natural gas
sales volumes resulted primarily from acquisitions of Texas gas
producing properties in the third quarter of fiscal 2001.
After the fiscal year end, on December 2, 2002,
the company increased it’s equity by $ 1million with a preferred stock
issuance.
About Trek:
Trek Resources, Inc. is a Dallas-based domestic
oil and gas acquisition and production company with oil and gas assets
in Texas and Oklahoma. Trek operates approximately 345 producing wells.
More information about Trek may be found at the Company’s web site,
www.trekresources.com.
FORWARD-LOOKING STATEMENTS: This press release
contains certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the company’s operations. When statements in this press release
contain any of the words "believes," "expects," "intends,"
"anticipates," or similar expressions, the company is making
forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those expressed in, or implied by, such statements. Factors that might
cause such a difference include those detailed from time to time in the
company's filings with the SEC.
CONTACT:
Michael E. Montgomery
(214) 373-0318 or
sarahmont@trekresources.com
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Trek Announces Financial Results for Fiscal
2002
DALLAS, December 18, 2002 / PRNewswire / --
Trek Resources, Inc. (OTCBB: TKRD) ("Trek" or "The Company") reports
today that its results of operations for the fiscal year ended September
30, 2002 reflect net losses of $898,000, or $.025 per diluted share,
compared to net income of $743,000, or $.02 per diluted share for the
prior year.
The Company’s results of operations during
fiscal 2002 were unfavorably impacted by lower oil and natural gas
prices as well as slightly lower oil volumes, higher depletion expenses
and unrealized losses on derivative contracts. Offsetting those effects
were higher natural gas volumes, lower general and administrative
expenses, lower lease operating expenses, and lower interest expense.
Oil and natural gas sales were $5.5 million
during fiscal 2002, compared to $7.0 million in fiscal 2001. This
decrease was the result of lower prices on oil and natural gas, net of
$400,000 of increased natural gas sales volumes. Weighted average annual
prices were $22.73 per Bbl and $2.85 per Mcf of natural gas during
fiscal 2002, compared to $25.83 per Bbl and $4.65 per Mcf in 2001. Trek
sold 147 MBbls of oil during fiscal 2002, versus 149 MBbls in the prior
year. Corresponding natural gas sales were 760 MMcf in fiscal 2002 and
676 MMcf in fiscal 2001. The increased natural gas sales volumes
resulted primarily from acquisitions of Texas natural gas producing
properties in the third quarter of fiscal 2001.
As previously disclosed in the Company's press
release and SEC Form 8-K dated December 3, 2002, on December 2, 2002,
the Company issued 100,000 shares of its Series A convertible preferred
stock to two investors in exchange for $1,000,000. As a result,
the Company's stockholders' equity increased by $1,000,000 on that date.
The Company used the proceeds from this sale of Series A convertible
preferred stock to reduce the outstanding balance under its credit
facility.
About Trek:
Trek Resources, Inc. is a Dallas-based domestic
oil and gas acquisition and production company with assets in Texas and
Oklahoma. Trek currently operates approximately 345 oil and gas wells.
More information about Trek may be found at the Company’s web site,
www.trekresources.com.
FORWARD-LOOKING STATEMENTS: This press release
contains certain forward-looking statements. These forward-looking
statements include information about possible or assumed future results
of the company’s operations. When statements in this press release
contain any of the words "believes," "expects," "intends,"
"anticipates," or similar expressions, the company is making
forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those expressed in, or implied by, such statements. Factors that might
cause such a difference include those detailed from time to time in the
company's filings with the SEC.
CONTACT:
Michael E. Montgomery
(214) 373-0318 or
sarahmont@trekresources.com
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Wednesday, October 16, 2002
Press Release
Trek Announces Termination of Merger
Discussions
DALLAS, October 16, 2002/ PRNewswire / -- Trek
Resources, Inc. (OTCBB: TKRD) ("Trek" or the "Company") announces that
the merger discussions disclosed in the Company’s press release and
filing with the Securities and Exchange Commission that were made on
September 26, 2002 have been terminated. The Company conducted
significant negotiations with an independent third party concerning a
potential merger of Trek with or into a wholly-owned subsidiary of the
third party, but negotiations were terminated due to the parties’
disagreement on certain key issues.
"While these merger discussions have
terminated, we will continue to monitor opportunities for the Company to
engage in other strategic transactions," said Michael E. Montgomery,
Trek’s President and Chief Executive Officer.
There can be no assurance that the Company will
identify or consummate one or more suitable strategic transactions in
the future.
About Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma. Trek
operates approximately 240 producing wells. More information about Trek
may be found at the Company’s web site, www.trekresources.com.
FORWARD-LOOKING STATEMENTS: This press
release contains certain forward-looking statements. These
forward-looking statements include information about possible or assumed
future results of the Company’s operations. When statements in this
press release contain any of the words "believes," "expects," "intends,"
"anticipates," or similar expressions, the Company is making
forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those expressed in, or implied by, such statements. Factors that might
cause such a difference include those detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
CONTACT:
Michael E. Montgomery
214-373-0318 or @trekresources.com
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Thursday,
September 26, 2002
Press
Release
Trek
Announces Potential Merger
DALLAS,
September 26, 2002/ PRNewswire / -- Trek Resources, Inc. (OTCBB: TKRD)
(“Trek” or the “Company”) announces that the Company has begun
discussions with a third party regarding a potential merger of Trek with
or into a wholly-owned subsidiary of the third party.
If approved by the Company’s board of directors and
stockholders, as currently proposed, the Company’s stockholders would
receive consideration of approximately $0.13 per share if the potential
merger is consummated.
Neither
the Company nor the third party have entered into any type of binding
agreement or arrangement with respect to the potential merger. There can be no assurance that the potential merger will be
consummated with the third party, that it will be consummated in the
form currently proposed, that the stockholders will receive the
consideration as currently proposed or that the Company will engage in a
similar type of merger or related transaction with any other party.
This
press release shall not constitute an offer or a solicitation of an
offer to buy or sell any securities of the Company or a solicitation
regarding the potential merger.
About
Trek:
Trek is a Dallas-based domestic oil and gas acquisition and production
company with oil and gas assets principally in Texas and Oklahoma.
Trek operates approximately 240 producing wells.
More information about Trek may be found at the Company’s web
site, www.trekresources.com.
IMPORTANT
INFORMATION: In the event that the potential merger proceeds, the
Company intends to file a proxy statement regarding the potential merger
with the SEC. Investors and
security holders are advised to read any proxy statement regarding the
potential merger, when and if the potential merger proceeds and such
proxy statement is filed, because it will contain important information
about the Company and the merger. Investors
and security holders may obtain free copies of any such proxy statement
(when and if it becomes available) and other documents filed by the
Company with the SEC at the SEC’s web-site at
www.sec.gov.
Investors and security holders are urged to read the proxy
statement (when and if it becomes available) and other documents filed
by the Company with the SEC before making any voting or investment
decision with respect to the merger.
Trek and directors Michael E.
Montgomery, Dewain V. Hill, Harold H. Ginsburg and Kenneth R. Smith, and
certain other Trek executive officers may be deemed to be participants
in the solicitation of proxies from stockholders in favor of the
potential merger, when and if the potential merger proceeds. The other
officers of Trek that may be participants in the solicitation of proxies
from stockholders in connection with the potential merger have not been
determined as of the date of this filing.
Stockholders may obtain additional information about the
interests of the participants by reading any proxy statement (when and
if it becomes available) that may be filed in connection with the
potential merger.
FORWARD-LOOKING STATEMENTS:
This
press release contains certain forward-looking statements.
These forward-looking statements include information about
possible or assumed future results of the Company’s operations.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements.
When statements in this press release contain any of the words
“believes,” “expects,” “intends,”
“anticipates,” or similar expressions, the Company is making
forward-looking statements. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those expressed in, or implied by,
such statements. Factors
that might cause such a difference include those detailed from time to
time in the Company's filings with the SEC.
CONTACT:
Michael
E. Montgomery
214-373-0318 or sarahmont@trekresources.com
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