SOURCE: Southern Energy Group, Inc.
PORTLAND, TN--(Marketwired - December 09, 2013) -
Southern Energy Group, Inc. (SEG) announced its agreement to acquire a stake in the Sullivan Lease located in Pottawatomie County, OK. A Consulting Geologist has evaluated the lease's potential and concluded in his report, "…an estimated 51,000 barrels of recoverable oil reserves could be expected from the Simpson Dolomite formation of the Sullivan #1-32 well."
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, maximizing recovery thereby enhancing 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 closed on the Sullivan Lease in Pottawatomie County, OK as it adds substantial value and tremendous upside to the company and its partners."
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.