AER Energy Resources, Inc. Announces Joint Venture Agreement for Drilling Project With Black Gold Exploration LLC
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwire) -- 10/12/11 -- AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully signed an agreement with Black Gold Exploration LLC of Farmersville, TX for the purchase of a 50% interest in a joint venture. AER Energy Resources, Inc. is purchasing a 50% joint venture interest for the drilling of two new wells on leases in Knox County, Texas. The agreement calls for a Definitive Joint Venture to be executed no later than October 20, 2011 with closing no later than November 11, 2011. Both companies expect successful completion of the JV.
The Black Gold joint venture involves the drilling of two 1800 feet vertical wells through the Wolfcamp Lower Permian Sandstone, the Saddlecreek Sandstone, the Noodle Creek Sandstone and the Stockwether Limestone. Upon completion the JV expects well production to approximate 60 Barrels of oil per day. At risk conservative pricing of $80 bbl; the JV is estimated to be valued at upwards of $1.3 million annually.
Stanley F. Wilson, AER Energy Resources, Inc., President stated, "AER continues to implement its plan of investing in existing leases for the drilling of new wells and secondary recovery wells with established industry partners. This opportunity to Joint Venture with Black Gold Exploration LLC is a good example of our continued success and increases our previously announced drilling and rework projects on a combined wells basis with Black Gold Exploration LLC, Multiplex Resources, Inc. and Rehoboth LLC. to 31 total wells."
AER is a diversified holding company with an emphasis in oil and gas through its subsidiary, FTPM Resources, Inc. . AER also operates a real estate and alternative fuels enterprise through its subsidiary, Global Wealth Group, Inc.
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: 12.10.2011 - 20:29 Uhr
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News-ID 75548
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