SOURCE: Global Earth Energy Inc.
WILMINGTON, NC--(Marketwire - Sep 20, 2012) - Global Earth Energy Inc. (OTCQB: GLER) is pleased to announce that on June 14th the company entered into an agreement with the Western Energy Group of Houston, Texas to acquire up to a 75% Working Interest in the Smith-Needham Prospect in Gonzales County, Texas. The prospective acquisition covers an area of approximately 680 acres and includes two active oil wells on the 160 acre Smith Lease.
"We are thrilled to be able to bring such a high quality project to our shareholders," said Sydney Harland, President of Global Earth Energy Inc.
"What is of particular interest to us is that there are two oil wells already producing approximately 15 barrels of oil per day. This will generate immediate revenue for the company, while the other wells that will be drilled will greatly increase our overall revenue from the Smith-Needham lease," Mr. Harland added.
The Smith-Needham property features proven developed producing and behind pipe reserves (PDP, PDNP) in the Austin Chalk and Buda Formations and multiple drilling locations identified in the Austin Chalk and Eagle Ford trends for future development with up to 250,000 barrels of oil to be recovered per well. Multiple pay targets provide well diversity for enhanced risk management.
About Global Earth Energy Resources
Global Earth Energy Inc. is an oil and gas exploration company focused on developing prime oil prospects in Texas. Global Earth Energy Inc. teams up with some of the top independent oil well drillers and operators in the industry, thereby reducing the risks normally associated with the drilling of oil wells.