SOURCE: America Resources Exploration, Inc.

America Resources Exploration, Inc.

July 23, 2015 08:00 ET

America Resources Exploration Comments on State of Oil Sector and Gives Corporate Update

HOUSTON, TX--(Marketwired - July 23, 2015) - America Resources Exploration, Inc. (AREN) ("America Resources" or "the Company") today provided comments to its shareholders regarding current oil prices and the effect on the Company and its drilling prospects.

Texas produces the greatest amount of oil of any State in the U.S. The EIA's April 2015 figures put its total production at roughly 3.71 million barrels of crude per day. While the rest of the US production experienced a year-over-year decline, Texas crude oil production increased 16% in May 2015 to 107 million barrels from 92 million barrels in May 2014, according the Texas Petro Index. The EIA also raised its forecasts for US oil consumption. "US gasoline demand will likely top 9 million bpd this year for the first time since 2007, which reflects record highway travel," said Adam Sieminski of EIA. The EIA further reported that WTI crude prices should average $55.51 per barrel this year, up from its previous forecast of $55.35. It maintained its 2016 forecasts for US prices to average $62.04 per barrel for WTI and $67.04 per barrel for Brent.

"The outlook for oil in the US appears much better than it was a few months ago, however there are still distressed assets available and we are using this opportunity to acquire properties at extremely attractive prices and close contracts with our service providers at much reduced price levels," stated Huang Yu, CEO of America Resources. "We continue to evaluate these future prospect properties in an effort to meet our expansion plans. Our team is working diligently to achieve our goal of reaching record revenues for the 2015 calendar year."

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
Forward-Looking Statements - This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and America Resources Exploration, Inc. undertakes no obligation to update such statements.

Contact Information

  • Investor Relations Contact

    Derek Gradwell
    SVP, Natural Resources
    MZ Group North America
    Phone: 512-270-6990
    Email: dgradwell@mzgroup.us