America Resources Exploration announces acquisition of state-issued oil and gas leases in Utah.
M2 EQUITYBITES-August 10, 2015-America Resources Exploration announces acquisition of state-issued oil and gas leases in Utah
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America Resources Exploration Inc (OTCBB:AREN ) announced on Friday the acquisition of oil and gas leases on five tracts issued by the state of Utah totalling 2,834 acres.
Financial details of the acquisitions were not available.
According to the company, these acquired leases are located in Emery county, Eastern Utah and are subject to state of Utah royalties equal to 16.66%.
According to the company, as a first step it will be engaging an experienced petroleum engineer to assess the size of any potential oil or gas reservoir located on its leases.
Reportedly, Exxon Mobil's XTO Energy, ConocoPhillips and Anardako Petroleum all operate active wells in Emery County, Utah where the majority of production is natural gas.
America Resources Exploration is an oil and gas exploration and production company focused on the acquisition of properties in areas with significant oil reserves and drilling potential.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 10, 2015|
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