SOURCE: Energy Revenue America, Inc
DALLAS, TX--(Marketwired - May 19, 2014) - Energy Revenue America, Inc. (PINKSHEETS: ERAO), a firm focused on the acquisition, development and exploration of Coal Bed Methane (CBM) natural gas, is pleased to provide an update on new developments on the Company's 3,100 acres in Nowata County, Oklahoma.
Energy Revenue America, Inc. (ERA) announced last week that funding had been secured for $1.2 million and will be used to drill the first 10 wells of the 300 wells ERA expects to drill in the next five years.
Today, Energy Revenue America (ERA) is pleased to announce the discovery of two new natural gas zones and the addition on new lease area to support their strategic plan to drill 300 new well over the next five years.
In the north section of the ERA pipeline in Nowata County, Oklahoma, a new untapped gas zone has been discovered that will yield two times the natural gas as existing zones currently in production. Initially 4 locations have been selected and drilling will start as soon as drilling permits are issued.
In the western section of the ERA pipeline an oil sand zone has been discovered less than 1,000 feet down and will produce an estimated 15 barrels of oil a day. "To the 'big boys' that spend a million dollars to drill a well, this is small, but this oil sand zone will give ERA about $45,000 a month per well for a drilling cost investment of $125,000 a well," says Charley Havens, ERA Chairman and COO.
Energy Revenue America Inc. creates shareholder value by:
- Owning their own pipeline so delivery costs are low
- Multiple zones under each well to ensure strong production year after year
- Reserves in excess of $80M at the end of year 2 and $150M at the end of year 3
About Energy Revenue America, Inc.
Energy Revenue America, Inc. is focused on the acquisition, development and exploration of unconventional natural gas projects, primarily Coal Bed Methane (CBM) and seeks to acquire and develop properties with significant undeveloped potential and apply technical and operating expertise to maximize the value of these resources.
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as INCL or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.