Next Generation Energy Corp. announces sale of interest in Texas property; focusing on oil well re-entry projects

Source: Next Generation Energy Corp.

Next Generation Energy Corp. (OTCQB: NGMC.PK) has announced today that it has completed the sale of its interest in the Kelly Snyder # 1 in Scurry County Texas .

Next Generation Energy Corp. CEO Darryl Reed stated that "The sale of this interest will allow the Company to fund future acquisitions in oil producing properties in the Appalachian Basin, an area of focus for the Company." Mr. Reed added that "The Company is actively engaged in acquiring existing operating oil wells in Eastern and South Eastern Kentucky where the oil bearing geological formations are at relatively shallow depths (1000 to 2000 feet) and produce over a long periods of time, 40 years in some cases."

In addition to its existing portfolio of natural gas wells and mineral rights, the Company is also in due diligence on several oil well re-entry projects. Mr. Reed stated, "In years past oil producers have shut in wells that where not profitable when oil prices were $30 bbl. Now with oil prices at $95 plus per bbl. the economics of a well re-entry and re-work are extremely attractive. Additionally, newer oil drilling and recovery technologies make a re-entry project even more compelling."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.

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