NDB has acquired a total of 12 new wells on two separate leases in Archer County, Texas, as part of the Company's early plans to build its portfolio of undervalued and underdeveloped assets.
"In the short run, we have two main goals. First, we must systematically put wells back on line creating cash flow. Second, we must secure the financing necessary to acquire and develop undervalued properties which present opportunity for increasing reserves, production and shareholder value," explained President and CEO of NDB Energy, Inc., Mr. James J. Cerna, a successful company leader with more than 20 years of experience in the energy industry.
Mr. Cerna is a proven company builder with notable tenure as Chairman of the Board and CEO of Lucas Energy, Inc. He also served as President of privately-held Lucas Energy Resources. Prior to joining Lucas Energy, Mr. Cerna was Chief Oil and Gas Analyst and CFO of Petroleum Partners LLC and Manager of the GT Global/AIM Funds performance analysis group in San Francisco. Mr. Cerna has served as an executive and director with companies listed on the NYSE Amex, NASDAQ, and emerging markets.
Commenting on today's announcement, NDB Energy's Chief Financial Officer Mr. Amit S. Dang stated, "The bulk of our effort is in re-working existing wells which were abandoned, shut-in or are underperforming. By focusing on existing wells NDB Energy seeks to mitigate exploration risk and develop immediate cash flow."
The Company's newly acquired Parish and Tribune properties include 12 wells on approximately 140 acres in Archer County. Today's announcement expands the Company's recently acquired 560-acre leaseholds in Gonzales and Young Counties. Both acquisitions are in the State of Texas.
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