Aer Energy Res (PC CE) (USOTC:AERN)
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Today : Wednesday 26 October 2011
AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully signed an agreement with Texas Energy, Inc. of Fort Worth, TX for the formation of a joint venture on a 50/50 Net Working Interest basis on three Oklahoma leases with a minimum of eight (8) wells per lease for a total of twenty-four (24) wells at 3,200 feet for an estimated combined 720 BOPD @ $80/bbl risk adjusted price that will yield a potential $20,000,000 in new annual revenues. The OK leases are part of the Osage Prospects including the Buttrey, Waldon and Fletcher locations.
The Agreement calls for drilling to commence within 90 days with AER to begin drilling 1 well on each lease and build out the most promising lease first and then complete the remaining wells on a drilling schedule of two weeks per well. With 2 Rigs available, an estimated 4 wells per month over 6 months of drilling will complete the process.
Stanley F. Wilson, AER Energy Resources, Inc., President stated, "AER continues to implement its plan of investing in existing leases for the drilling of new wells and secondary recovery wells with established industry partners. This opportunity to Joint Venture with Texas Energy, Inc. is a good example of our continued success and increases our previously announced drilling and rework projects."
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