HOUSTON, TX--(Marketwired - July 31, 2015) - America Resources Exploration, Inc. (AREN) ("America Resources" or "the Company") today announced that it has acquired a fractional wellbore interest under one percent in three oil and gas producing wells included in the Begert 38 lease located in Section 38, Block A-1, H&G Survey, A-1075 in Hemphill, Texas.
The wells are operated by Apache Corporation of Texas (APA) and have produced a daily average rate of 177 barrels of oil and 4,863 MCF of gas from the Anadarko basin as of data available 6 months prior to April 1st 2015. Investors may refer to the company's 8-K filing with the SEC for more details about this acquisition.
"This transaction is exemplary of our business plan for more diversification," stated Huang Yu, CEO of America Resources. "We are committed to continuing the expansion of our asset base and building value for our shareholders through both production and new development projects."
About the Anadarko Basin
The Anadarko Basin is a geologic depositional and structural basin centered in the western part of the state of Oklahoma and the Texas Panhandle, and extending into southwestern Kansas and southeastern Colorado. The basin covers an area of 50,000 square miles and holds one of the most prolific natural gas reserves in North America, with ultimate gas production in excess of 100 trillion cubic feet of gas. In 2010, the U.S. Geological Survey estimated that the Anadarko Basin held 27.5 trillion cubic feet of natural gas and 410 million barrels of natural gas liquids as well as 495 million barrels of oil.
About Apache Corporation
Apache Corporation is a publicly traded American independent oil and gas corporation headquartered in Houston, Texas. Apache has become a large multinational company, with regional offices and operations throughout the world. The company's proved reserves at year-end 2010 totaled 2.95 billion barrels of oil equivalent, roughly half oil and half natural gas.
About American ResourcesExploration, Inc.
America Resources Exploration, Inc. is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company's growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. For more information investors can visit www.america-resources.com
This press release and the materials referenced herein include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give American Resources Exploration's current expectations or forecasts of future events. Such statements involve material risks and uncertainties, including but not limited to: whether newly drilled or newly acquired properties will produce at levels consistent with management's expectations; market conditions; whether we will experience equipment failures and, if they materialize, whether we will be able to fund repair work without materially impairing planned production levels or the availability of capital for further production increases; the ability of American Resources Exploration to fund the costs of new wells and to obtain financing from other sources for continued development; the costs of operations; delays, and any other difficulties related to producing oil; the ability of American Resources Exploration to integrate the newly producing assets; the ability to retain necessary skilled workers to operate the new producing wells; the price of oil; American Resources Exploration's ability to market and sell produced minerals; the risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our Form 10-K and the registrations statement for any offerings as filed with the SEC. American Resources Exploration undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. American Resources Exploration's production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although American Resources believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.