American Marconi Wireless News - West Texas Resources Inc., Reports Updates on PCAOB Audit Progression, S-1 Filing, and OTCQB Up-Listing Strategy

HOUSTON, TX / ACCESS Newswire / August 18, 2026 / West Texas Resources, Inc. (OTCID:WTXR) today provided an update on its ongoing audit, SEC reporting and capital markets initiatives as the Company continues to strengthen its corporate infrastructure and position itself for its next stage of growth uplisting to OTCQB Venture Markets status.

Over the past several weeks, West Texas Resources has been working closely with its independent auditor to advance the completion of the Company's audit. Based on progress to date, management expects the audit process to be completed this quarter.

In parallel with the audit process, the Company has worked with one of its securities attorneys to complete the preparation of a Form S-1 registration statement substantially. Upon completion of the audit and incorporation of the required audited financial information, the Company intends to proceed with filing the Form S-1 with the U.S. Securities and Exchange Commission.

"Our team has been working diligently on several important initiatives simultaneously," said Donald Goree, Chairman and CEO of West Texas Resources. "Completing the audit and advancing our SEC reporting are among our highest near-term corporate priorities. We believe these steps will provide a stronger foundation for the Company's continued growth and our broader capital markets strategy."

The Company's current objective is to complete the audit and proceed with the S-1 filing during the current quarter, with a target of filing as early as this month if the remaining work can be completed on that timetable. The Company intends for this process to support its return to SEC reporting status and, subject to satisfaction of the applicable requirements and approvals, its planned qualification for the OTCQB Venture Market.

Building a Broader Capital Markets Platform

West Texas Resources views OTCQB as an important near-term milestone rather than the Company's ultimate capital market's objective.

Over the medium term, once West Texas Resources satisfies all applicable financial, corporate governance, share-price and other listing requirements, the Company intends to evaluate an uplisting to a senior U.S. securities exchange. Potential markets under consideration include established national exchanges such as Nasdaq and the New York Stock Exchange, as well as the developing Texas Stock Exchange.

As part of its broader evaluation of future capital markets alternatives, the Company has been engaging in relevant discussions and meetings regarding potential exchange opportunities. No determination has been made as to a particular senior exchange, and any future uplisting would remain subject to the Company meeting all applicable listing standards and receiving the required approvals.

European Secondary Listing Initiative

In parallel with its planned OTCQB qualification in the United States, West Texas Resources also intends to explore a secondary listing of its common stock in Europe, with Germany currently among the Company's preferred markets.

Management believes that establishing an additional European trading venue could broaden the Company's international exposure, improve accessibility for European investors and complement the Company's growing international shareholder base.

The Company has already experienced increased interest from investors outside the United States and believes that a coordinated U.S. and European capital markets strategy could further expand the Company's visibility among both institutional and private investors. Management believes the Company's recent market performance reflects, among other factors, growing awareness of the West Texas Resources investment story, although stock-price movements can result from numerous market factors and should not be viewed as an indication of future performance.

The Company's longer-term objective is to build an increasingly diversified shareholder base through a combination of enhanced SEC reporting, OTCQB qualification, expanded European market access and, ultimately, qualification for a senior U.S. exchange.

Expanding the West Texas Resources Equity Story

Alongside these capital markets initiatives, West Texas Resources remains focused on expanding the underlying operating business.

The Company's principal focus will continue to be the development and expansion of its traditional oil and gas business, where management believes significant opportunities exist to acquire, develop, rehabilitate and optimize oil and gas assets with attractive underlying economics.

At the same time, West Texas Resources intends to evaluate investments and strategic opportunities involving technological innovation and emerging technologies that management believes could complement its existing operations, create additional efficiencies or open new avenues for long-term value creation.

The Company expects to provide additional details regarding several of these initiatives over the coming months as individual projects advance and reach appropriate disclosure milestones.

"We are building West Texas Resources on two parallel tracks," Goree added. "The first is strengthening and expanding the underlying business, particularly our core oil and gas operations. The second is building the reporting, market access and capital markets infrastructure that we believe a substantially larger company will require. We expect the coming months to be an important period for both."

About West Texas Resources, Inc.

West Texas Resources, Inc. is an oil and gas company focused on the acquisition, development, rehabilitation and optimization of oil and gas properties with underlying production and development potential. The Company's strategy combines organic growth of its existing and future asset base with the evaluation of complementary acquisitions and strategic opportunities designed to expand its operating platform and create long-term shareholder value.

The Company is also evaluating opportunities involving new technologies and technological innovation that may complement its traditional energy operations.

For additional information, visit the Company's corporate website and its profile on OTC Markets.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, among other things, statements regarding the anticipated timing and completion of the Company's audit; the preparation, timing and filing of a Form S-1 registration statement; the Company's anticipated SEC reporting status; qualification for or return to the OTCQB Venture Market; a potential secondary listing in Europe; a potential future uplisting to Nasdaq, the New York Stock Exchange, the Texas Stock Exchange or another senior securities exchange; the expansion of the Company's shareholder base; future acquisitions, investments and business development activities; expansion of the Company's oil and gas operations; and potential investments in new or emerging technologies.

Forward-looking statements are based on management's current expectations, estimates and assumptions and are subject to significant risks, uncertainties and other factors that could cause actual results, developments or timing to differ materially from those expressed or implied. There can be no assurance that the Company's audit will be completed within the anticipated timeframe, that a Form S-1 will be filed or become effective, that the Company will qualify for OTCQB or any other securities market or exchange, that any European secondary listing will be completed, or that any contemplated acquisition, investment or strategic initiative will be consummated.

Qualification for any securities market or exchange is subject to applicable financial, regulatory, corporate governance and other listing requirements, as well as review and approval by the applicable market, exchange and regulatory authorities. References to potential exchanges are intended solely to describe the Company's longer-term capital markets objectives and should not be interpreted as indicating that any exchange has approved, endorsed or agreed to list the Company's securities.

Readers are cautioned not to place undue reliance on forward-looking statements. West Texas Resources undertakes no obligation to publicly update or revise any forward-looking statements except as required by applicable law.

West Texas Resources, Inc.
Investor Relations
Erin Maire
[email protected]

Contact Investor Relations through the company's website:
www.West-Texas.com

SOURCE: West Texas Resources, Inc

View the original press release on ACCESS Newswire

Y.Nakamura--AMWN