Texhoma to Build Gas Field for Gazprom

Texhoma Energy (www.texhomaenergy.com), a junior international oil and gas company focused on acquiring, developing, and producing oil and gas, reached an agreement with the Russian gas monopoly Gazprom to develop the Kovykta gas field in eastern Siberia. The prospective size of the project is estimated at over 240 million barrels or the equivalent in gas. Under terms of the agreement, Texhoma Energy is also responsible for developing and drilling the Shtokman natural gas field.

Texhoma Energy is going to trade 30 percent of the shares for 15 percent of the shares of Shtokman-Gazprom company. Total revenue from the deal is expected to be $700 million for Texhoma.