AER Petroleum Partners With New KS Oil & Gas Company's 30 Secondary Recovery O&G Wells Project
SCOTTSDALE, Ariz., May 3, 2012 /PRNewswire/ -- AER Energy Resources, Inc. (PINKSHEETS: AERN) has entered into a 50/50 Partnership to participate in reworking thirty (30) shallow oil wells on 80 acres in Eastern Kansas. The Company will rework each of the thirty (30) wells through proven secondary recovery techniques. AER Energy has also secured an option to rework up to an additional sixty (60) wells on an adjacent 145 acres.
Stanley F. Wilson, AER Energy Resources, Inc. President and CEO, stated, "AER Petroleum, Inc. plans to complete the 30 Kansas reworks by early 3Q and will begin operations this summer following the 9 previously announced reworks. The 30 reworks are anticipated to begin secondary recovery operations in late August." Mr. Wilson added, "The additional 30 reworks are expected to produce a minimum of 30 BOPD and $100,000.00 in new monthly revenues (at current WTI market prices) upon completion."
Al Karmali, AER Petroleum President, stated, "We are taking advantage of this new partner's long-term relationships with O&G lease opportunities in several Oil plays throughout KS and look forward to completing the 9 reworks this summer south of this acreage; so we can begin the secondary recovery drilling of the 30 exceptionally shallow wells within the Bartlesville formation."
AER Petroleum, Inc. continues its secondary recovery drilling and when possible partnering in reworking low-risk oil and gas prospects, in areas of proven production, primarily in the areas of KS and TX. The company is continuing to acquire quality leases in established O&G fields, characteristically surrounded by existing production.
ABOUT AER ENERGY RESOURCES, INC.
AER Energy Resources, Inc. (www.aerenergyresources.com) is a diversified holding company with an emphasis on oil and gas exploration, drilling, well completion and fuel distribution.
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