HOUSTON, TX--(Marketwired - August 04, 2015) - America Resources Exploration, Inc. (AREN) ("America Resources" or "the Company"), today announced that it has acquired a fractional interest in 56 oil and gas wells located in Ellis and Harper Counties, Oklahoma.
The wells were producing a combined daily average of 1,789 MCF of gas and 61 barrels of oil for the 6-month period preceding April 1st. Many of the 56 wells are shut-in providing opportunities for the operators to bring production back online and increase existing production through rework and stimulation procedures. The well operators of the acquired interests include Apache Corporation, and Chesapeake Operating. Investors may refer to the company's 8-k filing with the SEC for additional details regarding the acquisition.
"We are excited to close on this acquisition and take full advantage of the lower commodity price environment," commented Mr. Huang Yu, CEO of America Resources. "We are optimistic that oil and gas prices will rebound from current lows and provide many low-cost opportunities to increase production in these wells. Our efforts continue to allow for growth of cash flows and increased value for our shareholders."
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 Chesapeake Energy
Chesapeake Energy is a public, American oil and natural gas company headquartered in Oklahoma City, United States. Chesapeake Energy is the second-largest natural gas producer in the United States. Its operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara unconventional liquids plays and in the Marcellus, Haynesville/Bossier and Barnett unconventional natural gas shale plays.
About American Resources Exploration, 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
Forward-Looking Statements
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.