PRINCETON, N.J., Sept. 9, 2014 /PRNewswire/ -- AMREP Corporation
(NYSE: AXR) today reported that its indirect subsidiaries, AMREP
Southwest Inc. and Outer Rim Investments, Inc. (collectively,
"AMREP Southwest"), have entered into an Oil and Gas Lease with
Thrust Energy, Inc. and Cebolla Roja, LLC (collectively, the
"Lessee"), in which AMREP Southwest leased to Lessee all minerals
and mineral rights in and under approximately 55,000 surface acres
of land in Sandoval County, New
Mexico for the purpose of exploring for, developing,
producing and marketing oil and gas.
In consideration for entering into the lease, AMREP Southwest
received approximately $1,000,000 as
a lease bonus payment and, if any oil and gas is produced from the
leased premises, AMREP Southwest will receive 1/7th of the gross
proceeds from the sale of such oil and gas less any expenses to
place the oil and gas in marketable condition after it is brought
to the surface.
Additional details on the lease are provided in AMREP's Current
Report on Form 8-K filed with the Securities and Exchange
Commission on September 9, 2014.
About AMREP – AMREP Corporation's Media Services
businesses, conducted by its Kable and Palm Coast Data
subsidiaries, distribute magazines to wholesalers and provide
subscription and product fulfillment and related services to
publishers and others, and its AMREP Southwest subsidiary is a
major holder of real estate in New
Mexico.
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to continuing
commercial relationships and the potential of AMREP's businesses
and stock. Words such as "believes," "expects,"
"projects," and "future" or similar expressions are intended to
identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and
conditions. Certain factors could cause actual results
to differ materially from those projected in these forward-looking
statements, and some of these factors are enumerated in the filings
AMREP makes with the Securities and Exchange
Commission. AMREP undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE AMREP Corporation