AER Energy Resources, Inc. (Pinksheets: AERN.PK) is pleased to announce today that Wade Well Service has completed reworking the three secondary recovery wells at their Copeland and South Wade leases in TX.
The leases now have six producing wells. Current estimated production is 200 BOPM. The operator has identified additional opportunities for up to four offset wells. Drilling two offset wells on each lease. The initial production when all four wells are completed is anticipated to be up to 40 BOPD.
"With oil prices continuing to rise and now exceeding $100/bbl, it is allowing AERN to invest in wells that until recently were shut in during times of low oil prices. AERN has maneuvered itself into an excellent position moving forward by purchasing several leases with secondary recovery opportunities. We are well prepared to take advantage of these higher oil prices," commented Al Karmali, President of AER Petroleum, Inc. a wholly owned subsidiary of AER Energy Resources, Inc.
AER Petroleum, Inc. anticipates $250,000 in additional annual revenues from the six reworked wells and up to $1,000,000 annually from the four new production wells to be drilled in the second quarter of this year.
AERN completes oil well reworks on TX leases