Tiger Oil Acquires 100% Interest in Ks. Leases
Tiger Oil announced the acquisition of a 100% interest in three Oil and Gas leases totaling 400 acres in Southern Kansas, comprised of three historically productive properties. Tiger's Geologist has reviewed the Holman #2, #3, #4, and #5; the Adams #1 and the Glasse wells commonly known as the Wise #1 and Roberts #1 and has recommended a 7 well exploration and production study. All the leases acquired by the parties covering lands within the prospect area are owned 100% by TGRO with an undivided eighty-one and one-half percent (81.5%) working interest in the oil and gas leases described.
"Southern Kansas has a long successful history of oil production and was the backbone supplying the US Military in World War II. Cowley County Kansas oil discovery dates back over 100 years and current production has risen above 39 million barrels, the highest level since 1997. Modern oil technology has advanced tremendously allowing oil companies to return previously depleted production to historic highs," stated Ken Liebscher, Tiger's CEO.
COWLEY COUNTY, KANSAS PROJECTS
The Company entered into a joint development agreement on 12 parcels totaling over 2500 acres of oil and gas acreage in November 2010. The following month a moratorium was placed on offshore drilling and the price of oil rose heading to over $90 with a projected $100 a barrel target by midsummer. Management believes Tiger Oil will benefit from the demand to replace the offshore production with increased land based domestic production.
The Company owns two oil and gas leases in Creek County, State of Oklahoma. The Shilo #1 is a 7.5% working 80% net revenue interest and the Shilo #2 is a 11.5% working interest with 80% net revenue interest.