SCOTTSDALE, AZ--(Marketwire -02/01/12)- AER Energy Resources, Inc. (Pinksheets: AERN.PK - News) is pleased to announce today that Wade Well Service, LLC (a private company) has begun reworking three wells at their Copeland and South Wade leases located in Archer and Young Counties, Texas.
The leases have 6 existing wells, of which 3 are producing and 3 were non-producing wells. These 3 wells are now in the process of being reworked. The operator has identified the additional well upgrades and replacement pipe for the reworks and has begun the necessary work.
"Today's steadily rising price of oil has allowed AERN to invest in wells that were previously shut in during times of low oil prices. These wells are now very profitable again. AERN has situated itself into an excellent position by purchasing leases with secondary recovery opportunities. We are rapidly pursuing additional suitable rework opportunities and are prepared to take advantage of these higher oil prices," commented Stanley F. Wilson, President of AER Petroleum, Inc. a wholly owned subsidiary of AER Energy Resources, Inc.
The 3 reworks are expected to be completed within the next 2 weeks and upon completion, all 6 wells located on the 3 TX leases will be producing. AER Petroleum, Inc. anticipates $250,000 in additional annual revenues from the Oil production.
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.