SmallCapNewsRelease:(OTC: AERN) Acquires Active Wells In Oklahoma
JERICHO, NY, February 16, 2012, AER Energy Resources, Inc. (PINKSHEETS: AERN) announced yesterday that they have acquired three Oklahoma oil & gas leases from Texas Energy, Inc. The three leases, which have a minimum of 24 identified wells which will combine with the Company’s existing portfolio to produce a combined 700 barrels of oil per day (BOPD).
AER will begin secondary recovery on three existing wells and then will focus on the most promising new wells on a schedule of two wells per month. Allowing for weather setbacks, the company expects completion of drilling over the course of 12 to 18 months.
By using $80 per barrel as a risk adjusted price, this acquisition is estimated to yield, upon drilling program completion, up to $20,000,000 in new annual revenues to the Company.
To view the entire press release, please visit http://finance.yahoo.com/news/AER-Energy-Resources-Acquires-iw-1670198426.html?x=0
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