AER Energy Resources, Inc. Announces $1.875 Billion USD Agreement for Joint Venture Oil and Gas Project
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwire) -- 10/07/11 -- AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully signed an agreement with Eric Johnson and Riverton Energy for the formation of a Joint Venture to purchase oil and gas leases in South-Central Louisiana with the intent to drill to 12,500 feet to test the Nodasaria Frio Sand (9,400 feet), the Cockfield Sand (10,700 feet) and the Sparta Sand (12,300 feet), all of which are major producers of oil and natural gas in surrounding fields at Fordoche, Livonia and Opelousas.
Stan Wilson, AER President and General Counsel, stated, "Having previously worked with Riverton Energy on capital formation for the development of two Eagle Ford Shale mineral leases, the Mathews and the Murphy Leases in Zavala County, Texas, I am pleased that AER Energy Resources, Inc. has been afforded this opportunity to joint venture with Riverton Energy on the "Bayou B Prospect" in the Atchafalaya Basin area with an expected lease acquisition to take place in early November and drilling to begin no later than February 2012."
"Funding for the purchase and drilling expenditure has been dedicated and new production upon completion is expected to recover a minimum of 320,000 barrels of oil and 3.2 billion cubic feet of natural gas from the Nodasaria Frio alone, resulting in a potential return of $38,000,000 based on risk-adjusted prices of $80 per barrel and $4 per 1000 cubic feet of natural gas. With another five development wells to be drilled, the AER JV expects to generate between $825 million to $1.875 billion in gross revenue based on Riverton's internal projections," Mr. Wilson added.
"Seismic data on the prospect demonstrates three stacked sands, and we intend to penetrate all three with the first well," says Riverton's Eric Johnson.
As a part of the proposed Joint Venture, Mr. Johnson and Riverton Energy will manage the project, and have a local operator ready to commence drilling operations.
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: 07.10.2011 - 20:01 Uhr
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News-ID 74016
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