SOURCE: America Resources Exploration, Inc.

America Resources Exploration, Inc.

September 03, 2015 07:00 ET

America Resources Exploration Acquires Producing Oil Field in Texas

HOUSTON, TX--(Marketwired - September 03, 2015) - America Resources Exploration, Inc. (OTC PINK: AREN) ("America Resources" or "the Company"), today announced that it has acquired a producing oil field (The Harris Leases) in Callahan County, Texas. The leased area totals approximately 700 acres and comes with 6 shallow wells drilled into the Jane's Cross Plains Sand pay zone and 1 SWD well.

The company will issue 500,000 shares for the acquisition to the sellers at a value of 0.97 per share effectively valuing this purchase at $485,000. All equipment on the leases are included and the NRI is approximately 79%. Other pay zones for these leases include the Strawn and Cisco formations.

"We are looking forward to developing this new acreage as we believe the previous owners may not have tapped its full potential," stated Huang Yu, CEO. "These leases are adjacent to our newly acquired Snyder leases, which our geologist estimates may hold as much as 4.1 million barrels of oil," further added Mr. Yu.

The company has engaged Mr. Randy Chillion, a petroleum engineer with 36 years of experience as a reserve estimator at BP, to assess the potential reserves of this oil field and will shortly engage a new operator to take over pumping of oil on property and submit a quote for a potential rework program for the 6 wells currently on-site.

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

  • Contact
    Huang Yu
    CEO
    832-390-2273