AERN Completes Well Reworks on TX Leases
February 22 2012 - 8:15AM
Marketwired
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.
ABOUT AER ENERGY RESOURCES, INC
AER Energy Resources, Inc. (www.aernenergy.com) is a diversified
holding company with an emphasis on oil and gas exploration,
drilling, well completion and fuel distribution.
Note Regarding Forward-Looking
Statements
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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