| Preferred Stock Offering Details: |
TexStar Holdings, Inc. announced that it plans an offering of its convertible Series A Preferred Stock. The Company will offer 2,000,000 shares of Series A Preferred Stock at an offering price of $5.00 per share. Net proceeds will be used to acquire oil and natural gas reserves and provide additional working capital to the Company. The Company hopes to close the offering in 2012. The Preferred provides for conversion of each preferred share into 10 shares of common stock in two years. The Preferred stock will pay an 8% dividend per annum for two years until the conversion is made to common or the shares are redeemed. |
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