SOURCE: Kabe Exploration Inc.
SAN DIEGO, CA--(Marketwired - Nov 26, 2013) - Kabe Exploration Inc. (OTCQB: KABX)
Kabe Exploration is pleased to announce it has entered into a letter of intent to acquire a 160 acres proven producing oilfield located in Cheyenne County, NE with an option to purchase an additional 1280 acres. The oilfield has been producing oil since 1988 averaging approx. 600 bbl per month crude oil production. The producing wells in this field had $500,000 revenue last year. We plan to go into the field and drill additional wells and re-work existing wells with acidation and other stimulation treatments to increase production from these wells. This prolific field will enhance our portfolio of oil and gas assets to build a great independent oil company. We are in negotiations with institutional investors to close this acquisition."We have seen an overwhelming response to our capital raise efforts which has strengthened our balance sheet and believe that acquiring core producing assets with good revenues will create shareholder value in the long term," says Erik Ulsteen, CEO.
About Kabe Exploration Inc.
Based in San Diego, California, Kabe Exploration Inc. is an oil & gas exploration and development company that acquires mineral rights in prolific shale plays for production.
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