AER Energy has closed on the first funds called for under its agreement with Rehoboth Oil & Gas, LLC of Baytown, TX for the purchase of three oil and gas leases and the existing producing wells. This closing will also trigger the immediate sale of 200 bbls that have been stored pending AERN's closing.
Stanley F. Wilson, AER Energy Resources, Inc., President, stated, "AER Energy is pleased to meet this Corporate benchmark with the purchase of Rehoboth. The three Rehoboth leases and producing wells places AER Energy ahead of 2011 planned milestones with revenues from this project estimated to yield over $500,000 in new annual revenues. Four Additional wells are planned to be drilled on the Rehoboth leases next year."
AERN believes history has demonstrated reworking existing Shallow wells are among the lowest risk well investments; involving little drilling and remains potentially one of the most profitable methods to successful well completion. The company contracts all drilling, completion and production phases in both oil and gas wells in Texas and Kansas to Multiplex Resources of Houston, TX.
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