SCOTTSDALE, AZ — (Marketwire) — 02/15/12 — AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully acquired three OK O&G leases from Fort Worth, TX. based Texas Energy, Inc. The purchase combines AER Petroleum, Inc and TX Energy–s OK O&G assets. Al Karmali, President and CEO of TX Energy, will become the President of AER Petroleum, Inc. Corporate offices for AER Petroleum will relocate to Fort Worth, TX.
TX Energy brings over ten years of O&G operations experience to AER Energy and will contribute three Oklahoma leases with a minimum of twenty-four (24) identified wells and an estimated future O&G production when completed and combined with existing AERN lease holdings will exceed 700 BOPD. The OK leases are part of the Osage Prospects including the Buttrey, Waldon and Fletcher lease locations.
AER Petroleum will begin secondary recovery on three existing wells and plans to commence drilling on all three leases within 60 days. Emphasis will be on completing the most promising new wells first and then finishing the remaining wells on a drilling schedule of two wells per month. With one drilling Rig currently available, an estimated two wells per month over 12-18 months of drilling will complete the process allowing for climate delays.
Stanley F. Wilson, AER Energy Resources, Inc. President, stated, “AER Energy Resources is pleased to have completed the acquisition of TX Energy–s three OK leases. I look forward to working with Al Karmali, AER Petroleum–s new President. We will continue to implement our drilling plan and are committed to maintaining this quality of acquisition with additional lease purchases. This opportunity to merge with Texas Energy–s lease assets is an excellent example of our continued success and is a superior addition to earlier announced drilling and reworks projects.”
Al Kamali, TX Energy Inc. President, commented, “I am looking forward to working with Stan and the AER Energy team. AERN affords the needed capital to move forward with our excellent Lease holdings in OK. AERN will immediately begin secondary recovery operations on three of the leases and the company has scheduled an aggressive drilling program for 2012-2013. The combined O&G lease holdings of both companies are now substantial and will allow AER Energy to meet its established production goals.”
At an $80 per bbl risk adjusted price, this acquisition is estimated to yield, upon drilling program completion, up to $20,000,000 in new AER Energy, Inc. annual revenues.
AER Energy Resources, Inc. () is a diversified holding company and through its subsidiaries AER Petroleum, Inc and Fuel Trading and Petroleum Marketing, Inc pursues 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.