Global NuTech signs LOI to acquire Texas Gulf Oil and Gas, Inc

Source: Global NuTech, Inc.

Global NuTech, Inc. (OTCQX: BOCL.OB) ( announced today that the company has signed a letter of intent to acquire Texas Gulf Oil & Gas, Inc, located in Houston, Texas. The primary assets of Texas Gulf include leases, options and interests in 19 oil wells throughout the Austin Chalk near Luling, Texas, as well as options on wells to be drilled or re-entered in three leases identified as the Tilmon, Lay, and Rodenberg. Texas Gulf Oil & Gas, Inc also will provide well services to other companies and individual oil well owners. The non-binding LOI calls for the acquisition from private equity firm Corporate Strategies Merchant Bankers to be completed on or before January 31, 2012. The President of Texas Gulf Oil & Gas is Damon Wagley, whose family founded internationally known, Texas-based Wagley Oil & Gas in 1952.

Damon Wagley commented, "Texas Gulf is a swiftly growing independent exploration, production and services company, and with the backing and resources provided by Global NuTech, we can expand our services and capabilities in upstream oil and gas rapidly in 2012. It is an honor to be President of the company at this exciting time."

David Mathews, CEO of Global NuTech, added, "As we pursue our business plan of vertical integration throughout the energy markets, Texas Gulf provides us with the platform of talent, experience, and oil field relationships to help us accomplish our goals more quickly in 2012. We are looking forward to helping Damon and his team become a successful exploration, production and services company in both Texas and other markets as the opportunities present themselves. The Wagley family history in Texas as well as the North Sea and other international markets brings a unique background to help us expand internationally as well as domestically."

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