Aug 14 2015
America Resources Exploration, Inc. ("America Resources" or "the Company"), today announced that it has acquired a fractional interest in two wells located in Shelby County, Texas.
XTO Energy Inc., a subsidiary of Exxon Mobil is the operator for both wells which are averaging combined daily production of 6,763 MCF of natural gas for the 6 months ending April 2015. Both wells have demonstrated year-over-year production growth. The wells are drilled in the Carthage field into the Haynesville Shale formation and are producing from a completion interval depth of 12,890 to 19,053 feet. For a more detailed description of this interest, investors may refer to the company's 8-k filing with the SEC.
"We are excited to diversify our production portfolio with this natural gas play," commented Huang Yu, CEO of America Resources. "This transaction also displays our determination to associate with established operating partners like XTO Energy in an industry where relationships are a key to success and longevity."
About The Haynesville Shale
As of 2009, the Haynesville was estimated to have 75 trillion cubic feet of recoverable gas, second only to the Marcellus Formation in the US. Some scientists estimated recoverable reserves average of 6.5 billion cubic feet per well. The US Energy Information Administration estimated that the average well would produce 2.67 billion cubic feet of gas. Production has boomed since 2008. In January 2013 the formation produced 6.2 billion cubic feet per day, 9.3% of all the gas produced in the US.
About XTO Energy
XTO Energy Inc. is an energy company specializing in the drilling of unconventional oil and natural gas assets, typically from shale rock through a process known as hydraulic fracturing. It is a subsidiary of Exxon Mobil Corporation. The acquisition of XTO in 2010 made Exxon the largest producer of natural gas in the U.S. Since then, XTO's resource portfolio has tripled through several acquisitions. The company owns interests in approximately 40,000 active oil and natural gas sites across North America.
About American Resources Exploration, Inc.
America Resources Exploration, Inc. is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential. The Company's growth strategy includes the acquisition of oil fields from distressed third parties at a substantial discount to value, and development of fields whose potential has not been fully maximized. For more information investors can visit www.america-resources.com
Source: http://www.america-resources.com/