Corporate Strategies, LLC entered into an agreement to acquire 91% interest in Texas Gulf Oil & Gas Inc. from Texas Gulf Energy, Incorporated (OTCBB:TXGE) for $0.94 million in stock on August 31, 2012. Under the terms of the agreement, Texas Gulf Energy, Incorporated will sell 91% or 0.091 million shares of Texas Gulf Oil & Gas to Corporate Strategies in exchange of 6 million shares of Texas Gulf Energy, Incorporated. Of the 6 million shares 2.4 million were beneficially owned by Corporate Strategies while 3.6 million were owed to Corporate Strategies by Texas Gulf Energy. The transaction is expected to close on September 6, 2012. Clayton E. Parker of K&L Gates LLP acted as the legal advisor to Texas Gulf Energy, Incorporated in the transaction.

Corporate Strategies, LLC completed the acquisition of 91% interest in Texas Gulf Oil & Gas Inc. from Texas Gulf Energy, Incorporated (OTCBB:TXGE) on September 6, 2012. As a result of the transaction, David Mathews, Texas Gulf Energy's Chief Executive Officer and President, and Craig Crawford, Texas Gulf Energy's Executive Vice President and Chief Financial Officer, resigned from all of their officer and director positions with Texas Gulf Oil & Gas.