Kentucky Petroleum Operating Signs Farm-Out Agreement with Indianapolis Group
N.A Energy Resources Corp along with its current Subsidiary Kentucky Petroleum Operating Ltd has signed a farm-out agreement with a private Indianapolis Group to drill 5 wells within KPO's current leased properties in Eastern Kentucky.
- (1888PressRelease) January 05, 2012 - Under the terms of the agreement, the group will seek operatorship and drill a test well in January 2012. The well will target the Lime and Knox formations and is expected to go to a depth in excess of 3000 feet. The well, which is expected to spud in the first half of 2012, will be completely funded by the Indianapolis private group. If successful, the group has confirmed the drilling program for up to an additional 4 wells on the leases. Kentucky Petroleum Operating on behalf of its limited partners will accrue working interest and production revenue from each of the wells drilled.
Mehran Ehsan, Energy Resources CEO commented: "A successfully drilled new well could be production tested using the existing facilities and create additional avenues of capital for our unit holders. Another strategic geological advantage would be the benefit of gathering further analytical data from these leases for future drilling prospects internally."
About ERC
N.A - Energy Resources Corporation seeks to provide investors current income, as well as long-term capital appreciation, by participating in multiple asset valued characteristic properties within the oil and gas industry. ERC seeks to put forward 2-3 limited partnerships with strong set characteristics in various geographical locations for investors to participate.
ON BEHALF OF THE BOARD
"Mehran Ehsan" President & Director
Disclaimer: Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to N.A Energy Resources Corp. and Kentucky Petroleum Operating Ltd., the potential reserves, production and ability to establish wells on the Prospect, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management.
Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the nature of business negotiations, the operational details of oil and gas properties, the competitive environment within the industry, the ability of N.A Energy Resources Corp. and Kentucky Petroleum Operating Ltd. to expand its operations, the level of costs incurred in these expansion efforts, economic conditions in the industry and N.A Energy Resources Corp / Kentucky Petroleum's financial strength. N.A Energy Resources Corp and Kentucky Petroleum Operating Ltd. do not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
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