ROCKVILLE CENTER, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Supernova Energy, Inc. (OTC PINK:
SPRN) (“Supernova Energy” or the “Company”), an U.S. based oil and gas production and exploration company, is pleased to announce
that the Company has entered into a letter-of-intent with a privately-held Kentucky corporation to acquire additional oil leases in
Kentucky. The leases are oil producing and/or have significant oil production potential. All leases are held by
production.
The proposed lease purchase package includes six leases with 100% working interest and associated net revenues
interests that vary for each lease. These six leases contain 20 full equipped and operational wells on over 1,200 acres of
leased land.
Also included in the lease package are partial interests in four additional existing wells on two separate
leases. The Net Revenue Interest for three of the wells is about 30% and about 20% for the remaining well.
Kevin Malone, CEO of Supernova Energy, Inc., commented, “The acquisition of this oil lease package fits with our
mission to strategically purchase attractively priced existing production with significant upside and is expected be an important
step forward for Supernova Energy and its shareholders.
“With this proposed deal, not only are we acquiring existing production from 24 existing wells and a lot of
related equipment assets, but we also acquiring over 1,200 acres of potential upgrade, improvement, and drilling
opportunities. We look forward to closing the purchase as quickly as possible and moving forward with our plans to boost our
production.”
Closing of the transaction contemplated by the letter-of-intent is subject to customary terms and conditions,
including the completion of due diligence by Supernova Energy, securing financing, and negotiation and execution of definitive
agreements. If definitive terms have not been reached within 90 days, the letter-of-intent will expire.
Supernova Energy anticipates releasing additional information regarding the proposed transaction when definitive
acquisitions terms are reached.
About Supernova Energy, Inc.
Supernova Energy Inc. (OTC Pink: SPRN) is an American based oil and gas production and exploration company with
key holdings in Kansas and Kentucky. The Company’s goal is to acquire economical leases in known oil and gas formations with low
cost of recovery. The strategy is to specialize in well bore completion, re-completion and workovers on existing oil and gas
production.
For more information investors can visit www.supernovaenergyinc.com
Cautionary Statement Regarding Forward-Looking Statements
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities
laws relating to forward-looking statements. This release contains forward-looking statements that reflect Supernova Energy Inc.,
plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate,"
"estimate," "goal," and similar expressions are used to identify forward-looking statements, representing management's current
judgment and expectations about possible future events. Management believes these forward-looking statements and the
judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known
and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or
financial position to be materially different from any expressed or implied by these forward-looking statements. Important factors
that could cause actual results to differ materially from the forward-looking statements are set forth in our quarterly and annual
reports. Other information can be obtained at www.supernovaenergyinc.com
Contact: Kevin Malone Supernova Energy Inc. Chief Executive Officer CEO@supernovaenergyinc.com