Arkose Energy Corp. Acquires Eastland County, Texas Oil Lease
SAN ANTONIO, April 23, 2015 /PRNewswire/ -- Arkose Energy Corp. (OTC: RKOS) announced today that it has acquired an oil and gas leases from West Texas Royalties of Amarillo, Texas. The lease is in Eastland County, Texas, and cover 277+/- acres. The properties have averaged 8-10 BOPD and over the past six months
Trace Maurin, CEO of Arkose remarked, "We are excited this transaction and look forward to continuing to build a strong base of production in this region. While the current production is small, there are 37 wellbores to re-work with a modest CAPEX expenditure. As these wells are shallow, the operating expense will also allow us to operate them economically. Additionally, we feel that there may be deeper zones available for us to drill and develop in the future. Our immediate focus will be to acquire properties with similar characteristics offering immediate upside potential."
About Arkose Energy Corp.
Arkose Energy Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
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).
CEO Arkose Energy Corp.
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SOURCE Arkose Energy Corp
Released April 23, 2015