SOURCE: AER Energy Resources, Inc.

October 26, 2011 11:13 ET

AER Energy Resources, Inc. Announces Joint Venture Agreement for Drilling Project With Texas Energy, Inc.

SCOTTSDALE, AZ--(Marketwire - Oct 26, 2011) - AER Energy Resources, Inc. (PINKSHEETS: AERN) has successfully signed an agreement with Texas Energy, Inc. of Fort Worth, TX for the formation of a joint venture on a 50/50 Net Working Interest basis on three Oklahoma leases with a minimum of eight (8) wells per lease for a total of twenty-four (24) wells at 3,200 feet for an estimated combined 720 BOPD @ $80/bbl risk adjusted price that will yield a potential $20,000,000 in new annual revenues. The OK leases are part of the Osage Prospects including the Buttrey, Waldon and Fletcher locations.

The Agreement calls for drilling to commence within 90 days with AER to begin drilling 1 well on each lease and build out the most promising lease first and then complete the remaining wells on a drilling schedule of two weeks per well. With 2 Rigs available, an estimated 4 wells per month over 6 months of drilling will complete the process.

Stanley F. Wilson, AER Energy Resources, Inc., President stated, "AER continues to implement its plan of investing in existing leases for the drilling of new wells and secondary recovery wells with established industry partners. This opportunity to Joint Venture with Texas Energy, Inc. is a good example of our continued success and increases our previously announced drilling and rework projects."


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.

Note Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.