SCOTTSDALE, AZ--(Marketwire -02/15/12)- AER Energy Resources, Inc. (Pinksheets: AERN.PK - News) 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.
ABOUT AER ENERGY RESOURCES, INC.
AER Energy Resources, Inc. (www.aernenergy.com) 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.
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