SOURCE: America Resources Exploration, Inc.

America Resources

August 13, 2015 07:22 ET

America Resources Exploration Acquires Interest in Haynesville Shale Wells

HOUSTON, TX--(Marketwired - August 13, 2015) - America Resources Exploration, Inc. (OTC PINK: AREN) ("America Resources" or "the Company"), today announced that it has acquired a fractional interest in two wells located in Shelby County, Texas.

XTO Energy Inc., a subsidiary of Exxon Mobil is the operator for both wells which are averaging combined daily production of 6,763 MCF of natural gas for the 6 months ending April 2015. Both wells have demonstrated year-over-year production growth. The wells are drilled in the Carthage field into the Haynesville Shale formation and are producing from a completion interval depth of 12,890 to 19,053 feet. For a more detailed description of this interest, investors may refer to the company's 8-k filing with the SEC.

"We are excited to diversify our production portfolio with this natural gas play," commented Huang Yu, CEO of America Resources. "This transaction also displays our determination to associate with established operating partners like XTO Energy in an industry where relationships are a key to success and longevity."

About The Haynesville Shale

As of 2009, the Haynesville was estimated to have 75 trillion cubic feet of recoverable gas, second only to the Marcellus Formation in the US. Some scientists estimated recoverable reserves average of 6.5 billion cubic feet per well. The US Energy Information Administration estimated that the average well would produce 2.67 billion cubic feet of gas. Production has boomed since 2008. In January 2013 the formation produced 6.2 billion cubic feet per day, 9.3% of all the gas produced in the US.

About XTO Energy

XTO Energy Inc. is an energy company specializing in the drilling of unconventional oil and natural gas assets, typically from shale rock through a process known as hydraulic fracturing. It is a subsidiary of Exxon Mobil Corporation. The acquisition of XTO in 2010 made Exxon the largest producer of natural gas in the U.S. Since then, XTO's resource portfolio has tripled through several acquisitions. The company owns interests in approximately 40,000 active oil and natural gas sites across North America.

About American Resources Exploration, Inc.

America Resources Exploration, Inc. is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company's growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. For more information investors can visit www.america-resources.com

Forward-Looking Statements

This press release and the materials referenced herein include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give American Resources Exploration's current expectations or forecasts of future events. Such statements involve material risks and uncertainties, including but not limited to: whether newly drilled or newly acquired properties will produce at levels consistent with management's expectations; market conditions; whether we will experience equipment failures and, if they materialize, whether we will be able to fund repair work without materially impairing planned production levels or the availability of capital for further production increases; the ability of American Resources Exploration to fund the costs of new wells and to obtain financing from other sources for continued development; the costs of operations; delays, and any other difficulties related to producing oil; the ability of American Resources Exploration to integrate the newly producing assets; the ability to retain necessary skilled workers to operate the new producing wells; the price of oil; American Resources Exploration's ability to market and sell produced minerals; the risks and effects of legal and administrative proceedings and governmental regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our Form 10-K and the registrations statement for any offerings as filed with the SEC. American Resources Exploration undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. American Resources Exploration's production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although American Resources believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.

Contact Information

  • Investor Relations Contact
    James Painter
    Emerging Markets Consulting
    Phone: 407-477-4505