Aug 29 2015
America Resources Exploration, Inc. ("America Resources" or "the Company"), today announced that it has acquired a fractional interest in the Winchester #1H oil and gas well located in Madison County, Texas. The well is operated by Woodbine Acquisition, LLC. of Fort Worth, Texas and is located on a 431 acres lease.
The well is currently producing from the Woodbine formation from a completion depth of between 9,240 and 14,835 feet at a daily average rate of 54 barrels of oil and 9 MCF of gas for the period ending in April. The well was originally completed in the first quarter of 2012. Investors may refer to the company's 8-K filing with the SEC for more detailed information about this interest.
"Woodbine Acquisition has been operating this well with consistent production," stated Mr. Huang Yu, CEO of America Resources. "Although a smaller incremental production addition for us, the acquisition opportunity will be accretive and provide a dependable future revenue stream."
About the Woodbine Formation
The Woodbine Formation is a geological formation in east Texas whose strata date back to the Late Cretaceous in the Upper Cenomanian stage. It is the producing formation of the giant East Texas Oil Field from which over 5.42 billion barrels of oil have been produced. The Woodbine overlies the Buda Limestone and underlies the Eagle Ford Formation and Austin Chalk. In some areas, the Woodbine is differentiated into the Lewisville Sandstone, Dexter Sandstone, Maness Shale, and/or Pepper Shale sub-units. The Woodbine and Eagle Ford sand units are collectively referred to as the "Eaglebine" oil and gas play in parts of East Texas.
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/