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AER Energy Resources, Inc. (PINK:AERN) signed an agreement with Multiplex Resources to purchase 13 existing shallow oil wells in Neosho County, Kansas.
AER Energy Resources, Inc. (PINK:AERN) signed an agreement with Multiplex Resources to purchase 13 existing shallow oil wells in Neosho County, Kansas.
The press release is quoted as saying:
The Company will immediately begin a rework of 8 of the 13 wells and drill an additional 10 new off-set wells, utilizing the latest drilling technology for maximum efficiency, and cost effectiveness.
AER Energy Resources, Inc. President, Stan Wilson stated:
“AER Energy, Inc. plans to complete the Kansas acquisition in October and immediately begin secondary recovery operations.” Mr. Wilson added, “Funding for the purchase and drilling expense has been dedicated and new production upon completion is expected to produce a minimum of $750,000 in net new revenues.”
Click here to access the entire press release
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