AERN Petroleum sells 25% more oil in February
Wednesday, March 7, 2012
- The lease acreage permits spacing that will allow up to an additional 20 wells.
- Upon completion of all 4 new wells, AERN anticipates crude oil revenues from the TX leases to exceed $500,000 in annual revenues.
AER Energy Resources, Inc. (PINKSHEETS: AERN) announce that the Copeland, Allie Wade and South Wade leases have improved oil sales quantity by 25% in February over January production. The leases have 6 producing wells and the company has identified 4 more well sites to be drilled in Q2.
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"At today's price of oil exceeding $105/bbl, AER Petroleum continues its exceptional position to take advantage of continued higher oil prices. AERN is utilizing industry technological improvements in all our current lease properties and will continue using the improved techniques on all our acquisitions," commented Al Karmali, President of AER Petroleum, Inc., a wholly owned subsidiary of AER Energy Resources, Inc. Mr. Karmali added that "AERN is also pleased to have completed payment in full as agreed for the acquisition of the Texas leases."
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