Arkose Energy Provides Shareholder Update and Shifts Focus to Natural Gas
SAN ANTONIO, Texas, Aug. 24, 2015 /PRNewswire/ -- Arkose Energy (OTC: RKOS) . Arkose Energy would like to update shareholders on current operational activities and plans for the rest of 2015 and first quarter of 2016.
CEO Trace Maurin stated "Further to our June 26th release, in which we provided an update on the 45 well reentry and work over program.
In light of the recent and uncertain slide in oil prices to $40.00 a barrel and most analyst forecast of $35.00 to $40.00 range for the remainder of 2015 and first half of 2016, making our current operations borderline economical.
Arkose has made a conscious decision to focus on Natural gas production.
Over the course of the last month the company and identified Shut in Gas production and prospects in Texas and Western Canada.
Arkose is presently evaluating and in discussion on possible acquisitions, JV and farm in opportunities. The immediate benefits to Arkose are that in all instances the Wells are shut in with proven production and reserves.
With a small amount of Capex, Arkose can capitalize on immediate revenue and cash flow from production.
Natural gas finding costs and operation expenses are historically lower than oil, while market prices for Natural Gas have remained constant over the last year, thus providing stability to Arkose and the ability to plan ahead.
Stable Revenue from Gas Production, coupled with the fact that current natural gas prices vs Demand and supply are slated to rise, more so and quicker than oil, will position Arkose Energy to Capitalize on the vast opportunities that present itself during these volatile times.
We will continue to maintain our oil prospects and manage current production of 7 to 10 bbl/Day, but shift our focus and finances into Natural Gas.
Arkose Energy has been invited as a featured guest in the next couple of weeks, on the long time Business show "YOUR MONEY'S WORTH" on Beasley Broadcasting 1470 AM South Florida, as well as Video Streamed on WWW.WWNNRADIO.COM.
"The USA has decreased its dependency on importing oil from foreign nations, thus making Natural Gas more Attractive," so said Mick Bazsuly, long-time host of Your Money's Worth.
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
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SOURCE Arkose Energy Corp
Released August 24, 2015