American Marconi Wireless News - West Texas Resources Issues Spring 2026 Chairman's Letter as Company Advances Toward OTCQB, Expands Operating Capability, and Evaluates High-Impact Gulf Coast Acquisition

SPRING 2026 CHAIRMAN'S LETTER TO SHAREHOLDERS

Fellow Shareholders,

West Texas Resources, Inc. is entering a highly important phase of advancement across regulatory compliance, operational execution, and strategic expansion. We have been working with clear focus to strengthen the Company's foundation, enhance its market standing, and position WTXR for the next stage of growth. The purpose of this letter is to provide shareholders with a direct update on recent developments and on the direction of the Company as we move further into 2026. All statements herein are informational in nature and should be read in conjunction with the Company's public disclosures.

Regulatory Compliance and Market Status

WTXR has completed all required updates with OTC Markets, including the Company Profile and financial reports for year-end 2025 and Q1 2026. With these submissions now completed, the Company has further strengthened its market standing on OTCID and is advancing its path toward an OTCQB uplisting in the near term and, over the mid term, toward a senior exchange uplisting such as Nasdaq or the Texas Stock Exchange.

During May 2026, the Company observed a meaningful increase in open market trading activity in WTXR shares, accompanied by a notable rise in the share price. While market performance is influenced by a range of external factors, management believes this development reflects renewed market attention and growing shareholder engagement at a time when the Company is making visible progress on multiple fronts.

Operational Progress Through Texas Coastal Energy Inc.

Texas Coastal Energy Corp., WTXR's wholly owned operating subsidiary, has filed to become a licensed oil and gas operator in the State of Texas and will be filling for a name change to West Texas Operating Co, Inc. Upon approval, West Texas Operating expects to assume operational management of all WTXR oil and gas assets beginning in July 2026.

This transition is expected to represent a major operational milestone for the Company. By bringing operational control more directly in-house, WTXR intends to consolidate oversight, improve field-level execution, support more consistent production performance, and strengthen the long-term stewardship of its asset base. Management views this step as a foundational element of the Company's broader operating strategy and an important move toward building a more scalable and self-directed production platform.

Audit Engagement and Pathway to Higher Reporting Standards

WTXR is taking bids from nationally recognized accounting and PCAOB-qualified audit firms to conduct a full audit of the Company's financial statements. This engagement will be designed to support future filings with the U.S. Securities and Exchange Commission and to establish the framework for timely quarterly and annual reporting going forward.

The current completion of audited financials is expected to be a major corporate milestone. It will support the Company's planned application to uplist to OTCQB, a tier that offers stronger reporting standards, improved market visibility, expanded credibility with the investment community, and access to a broader universe of potential investors. This initiative reflects WTXR's commitment to transparency, stronger governance, and a more institutional corporate profile. It also supports the Company's stated objective of continuing to build toward a potential NASDAQ uplisting in 2027.

Evaluation of Gulf Coast Acquisition Opportunity

WTXR's technical team is currently evaluating a potential acquisition of multiple producing oil wells located along the Gulf Coast. The package under review includes approximately $185,000 per month in current oil sales net operating revenues, a newly refurbished Skytop double-stack workover rig, a full suite of ancillary tools and equipment, and operating assets that could materially expand the Company's internal operating capability.

If completed, this acquisition could be highly significant for WTXR. In addition to production revenue, it could allow West Texas Operating to perform in-house maintenance, repairs, and workovers, giving the Company greater flexibility, faster response times, and improved control over field operations across its broader asset portfolio. Management believes this opportunity is consistent with its strategy of pairing disciplined asset growth with enhanced operating capability. There can be no assurance that this transaction will be completed, and the Company will provide further updates as appropriate.

Outlook

WTXR is focused on building a stronger company from the ground up. In recent months, we have taken important steps to improve our regulatory standing, strengthen our operating platform, expanded our asset base though the acquisition of nine additional wells to workover that each have significant production potential. We have evaluated our opportunities that have the potential to accelerate growth and expand shareholder value. We believe the groundwork now being laid is meaningful, measurable, and increasingly visible.

The Board and management team remain committed to disciplined execution, responsible and environmentally conscious development of the Company's assets, and clear communication with shareholders as WTXR moves into this next phase. We believe the Company is gaining momentum, and we are working to convert that momentum into a stronger operating business, stronger reporting profile, and stronger long-term market position.

Thank you for your continued support.

Respectfully,

H.E. Donald H. Gorée, KGC
Chairman & President
West Texas Resources, Inc.

About West Texas Resources, Inc.

West Texas Resources, Inc. (OTC PINK:WTXR) is the public parent of Texas Coastal Energy Corp., focused on the acquisition, reactivation, and development of oil and gas assets in Texas. The Company's capital-efficient model emphasizes operational execution, regulatory compliance, and scalable growth. With a growing asset base, disciplined execution, and a clear path toward enhanced market visibility, WTXR is working to create meaningful long-term shareholder value.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding the timing of audited SEC filings, the Company's planned application to upgrade to OTCQB, the assumption of operational control by Texas Coastal Energy, the evaluation or potential completion of any acquisition, future production, future revenues, future cash flow, and the Company's expected growth and market position. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, the completion of audit work, regulatory review, market conditions, operational execution, financing availability, diligence findings, permitting matters, and the negotiation and consummation of any acquisition transaction. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Investor relations: Erin Maire
[email protected]
Contact Investor relations through website - Contact Us
www.West-Texas.com

SOURCE: West Texas Resources Inc

View the original press release on ACCESS Newswire

J.Williams--AMWN