SOURCE: Southern Energy Group Inc
PORTLAND, TN--(Marketwired - December 05, 2013) -
Southern Energy Group, Inc. (SEG) announced that it has closed on the acquisition of a 32% stake in the Elwood Carter Leases located in Guadalupe County, TX. Geologic (a geological engineering company) has evaluated the multiple lease(s) potential and concluded, "The Elwood Carter Leases are a multi-well re-stimulation and secondary recovery project for the Austin Chalk, Eagle Ford, and Buda reservoirs and consist of 15 wells. The Elwood Carter leases, located in the Luling-Branyon oil field, have produced 163,000 + BO. Based on 'Core and Log Analyses', the Targeted Remaining Recoverable Reserves are 1,862,000 BO. The Elwood Carter leases are ideally located along the up-thrown side of the Luling Branyon Fault, thereby increasing the productive potential of the multiple reservoirs and maximizing per well production."
Southern Energy Group, Inc. is engaged in the oil and gas business, with operations located primarily in Texas. The Company's ultimate strategic focus is the production of oil and natural gas, lease development, and enhanced reserve capabilities. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. Anthony White, President, stated, "SEG is excited to have closed on the Elwood Carter leases in Guadalupe County, Texas as we continue to add substantial value to our partners and build a reputable company presence in this industry."
Southern Energy Group is a Tennessee based oil and natural gas exploration company with operations located primarily in Texas. SEG and its experienced management team are well situated to take advantage of the many opportunities that are present in today's energy markets. SEG feels that with the stabilization of higher than average oil prices, it is well positioned to profit in today's booming energy market.
This press release may contain "forward-looking statements" defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.