Energetics Holdings has entered into a letter of intent to acquire approximately 90 oil wells from Allen Petroleum, Inc. Allen Petroleum, Inc. is a private company with over 13 years experience and is one of the most recognized names in crude petroleum/natural gas production in Oil City, Louisiana.
Based on preliminary projections and current production, the Allen wells have the potential of producing approximately 3,000 barrels per month.
The Allen wells, which are located in Caddo Parish, Louisiana, are in the same field as the Company's core lease acreage, as announced on September 10, 2007, which supports total recoverable reserves of approximately 900,000 barrels of oil. The Allen wells are part of Energetics' strategy to increase its footprint in Caddo Parish.
"With this acquisition, we are adding significant reserves and increasing our existing production/revenues in Caddo Parish, and our shareholders can now look forward to decades of profitability, in this area alone," stated Rodney Peterson, President of Energetics Holdings, Inc.
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