Texas Oil and Minerals, Inc. (OTCPK:TOMI) entered into a purchase agreement to acquire a 25% working interest of Gas Producing and Oil Field in East and Northeast Maxine Fields from Tejones Operating Corp. for $1 million in cash and stock on September 27, 2013. Texas Oil will pay $0.25 million in cash and $0.75 million in common stock of Texas Oil.

The purchase price consists of a Tejones Note of $0.25 million. The deal is expected to close on September 30, 2013.