Maxwell Resources Announces Engagement of Independent Auditing Firm
Company Goal to Regain Compliance with its SEC Reporting Obligations
Dallas, Texas, Dec. 09, 2015 (GLOBE NEWSWIRE) -- Maxwell Resources, Inc. (OTC Pink:MAXE), an Oil and Gas company located in Dallas, Texas, announced today that it has engaged the auditing firm of Montgomery, Coscia, Greilich, LLP of Dallas TX, as its independent registering accounting firm to audit the Company’s financial statements. The Company is working diligently to regain compliance with its SEC reporting obligations.
The Company also announced that the "SGG" well that was brought online in October has performed according to management's expectations. "As part of the staged rework we have installed a compressor to improve and stabilize the flow rate. That installation was successfully completed this week and we look forward to realizing the improved results in the near term." Mike Edwards, Chief Executive Officer
The "Temple" gas well rework commenced in early November as was reported in October. Unfortunately due to rain and subsequent wet conditions restricting access to the well site via incoming unpaved roads, installation of some of the needed equipment was delayed from the originally planned schedule. However, the field team has now successfully installed the needed dehydration vertical tower, relocated the separator, and installed a needed additional water collection tank at the sale point of the transmission pipeline. Final adjustments and verification that all lines, and equipment are operating properly is underway now, and it is anticipated that the well will flow gas within the next few days.
Furthermore the "Henchin" gas well rework will begin immediately following completion of the Temple well. "Pending cooperation of the weather, we anticipate all three wells will be online by the end of December." stated Mr. Edwards.
Mr. Edwards continued, "As previously announced, management continues to review and analyze multiple prospective oil and gas projects ranging from medium size to large acreage. We anticipate announcing additional acquisitions of producing properties that present value to the Company in the near future. As always our goal is to build a solid business and increase shareholder value."
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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(December 9, 2015 - 9:02 AM EST)
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