SOURCE: Southern Energy Group, Inc.
PORTLAND, TN--(Marketwired - December 06, 2013) -
Southern Energy Group, Inc. (SEG) announced its plans to acquire a 20% stake in the Rabb-Appling, Clemmie Caster, Alvin Engleke, and Vernon Engleke Leases located in Guadalupe County, TX. Geologic (a geological engineering company) evaluated the leases' potential and concluded in their report, "The subject Leases are recipients of a multi-well re-stimulation and secondary recovery project for the Austin Chalk, Eagle Ford, and Buda reservoirs consisting of 29 wells. The subject leases, located in the Luling-Branyon oil field, have produced 655,000+ BO and based on 'Core and Log Analyses', the Targeted Remaining Recoverable Reserves are 3,994,000 BO. The subject 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 development of oil and natural gas properties and production of its reserves. 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 agreed to purchase the Rabb-Appling, Clemmie Caster, Alvin Engleke, and Vernon Engleke Leases in Guadalupe County, Texas as it continues to aggressively add substantial value to the company and our partners as well as the expansion of our presence in the area."
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 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.