SOURCE: AER Energy Resources, Inc.

October 28, 2011 07:45 ET

AER Energy and Black Gold Sign $2,000,000 Drilling Agreement

SCOTTSDALE, AZ--(Marketwire - Oct 28, 2011) - AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully signed a Definitive drilling agreement with Black Gold Exploration LLC of Farmersville, TX. The agreement calls for a 50% joint venture interest for the drilling of a minimum of two new wells on leases in Knox County, Texas. Both companies expect successful drilling completion before the end of the year.

The Black Gold joint venture involves the drilling of two or more 1800 feet vertical wells through the Wolfcamp Lower Permian Sandstone, the Saddlecreek Sandstone, the Noodle Creek Sandstone and the Stockwether Limestone. Upon completion the companies expect well production to approximate 60 BOPD. At current oil pricing above $90 bbl, the estimated revenues are anticipated to exceed $2 million annually.

Stanley F. Wilson, AER Energy Resources, Inc. President and CEO, stated, "AER continues to execute its plan of investing in existing leases for the drilling of new wells and secondary recovery wells with established industry partners. This opportunity with Black Gold Exploration LLC is a superior example of our continued success."


AER is a diversified holding company with an emphasis in oil and gas through its subsidiary, FTPM Resources, Inc. AER also operates a real estate and alternative fuels enterprise through its subsidiary, Global Wealth Group, Inc.

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