Five Producing Leases with Re-Work Upside
Dallas, TX / ACCESSWIRE / November 12, 2014 / Arkose Energy Corp. (OTC Pink: RKOS) (PINKSHEETS: RKOS) announced today that it has acquired five oil and gas leases from Texas Oil Investments LLC of Katy, Texas. The leases are in Coleman, Runnels, Eastland, Palo Pinto and Comanche Counties, Texas, and cover 2600 acres. The properties have averaged 35 BOPD and 125 mcf of gas over the past six months. As part of this transaction, Arkose also acquired the operating company, Minuteman Energy LLC.
Paul Henley, CEO of Arkose remarked, "We are pleased to have closed this transaction and look forward to continuing to build a strong base of production in this region. Our immediate focus will be to acquire properties with similar characteristics offering immediate upside potential."
Bill Kerrigan, COO of Arkose added, "These properties bring Arkose current production and meaningful upside from reworking some of the existing wells. We believe that we can gain an additional 15 BOPD in production very quickly by servicing five wells that are down for maintenance and concentrating on additional reworks and improvements."
About Arkose Energy Corp.:
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
CONTACT:
Todd Mauney
Arkose Energy Corp
5050 Quorum Drive Suite 700
Dallas, TX 75254
[email protected]
SOURCE: Arkose Energy Corporation