AERN Completes Well Reworks on TX Leases
Plans to Drill Four New Wells in 2Q
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwire) -- 02/22/12 -- AER Energy Resources, Inc. (PINKSHEETS: AERN) is pleased to announce today that Wade Well Service has completed reworking the three secondary recovery wells at their Copeland and South Wade leases in TX.
The leases now have six producing wells. Current estimated production is 200 BOPM. The operator has identified additional opportunities for up to four offset wells. Drilling two offset wells on each lease. The initial production when all four wells are completed is anticipated to be up to 40 BOPD.
"With oil prices continuing to rise and now exceeding $100/bbl, it is allowing AERN to invest in wells that until recently were shut in during times of low oil prices. AERN has maneuvered itself into an excellent position moving forward by purchasing several leases with secondary recovery opportunities. We are well prepared to take advantage of these higher oil prices," commented Al Karmali, President of AER Petroleum, Inc. a wholly owned subsidiary of AER Energy Resources, Inc.
AER Petroleum, Inc. anticipates $250,000 in additional annual revenues from the six reworked wells and up to $1,000,000 annually from the four new production wells to be drilled in the second quarter of this year.
AER Energy Resources, Inc. () is a diversified holding company with an emphasis on oil and gas exploration, drilling, well completion and fuel distribution.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
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Datum: 22.02.2012 - 14:15 Uhr
Sprache: Deutsch
News-ID 117331
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