Aspen Group Acquires Operating Interests In 180 Producing Oil and Gas Properties
Highlights
Aspen Group acquires by Merger Fifty-Five (55) Percent of Briscoe Oil Operating, Inc.
* Properties located in Oklahoma, Texas, and Kansas
* Oil Reserves Increased by 186,000 bbls.
* Gas Reserves Increased by 3.99 BCF
OKLAHOMA CITY, May 15 /PRNewswire/ -- Jack E. Wheeler, Chairman, President and CEO of Aspen Group Resources Corporation, (OTC Bulletin Board: ASRG) (CDN: CVZC.U), today announced the completion of a merger with Briscoe Oil Operating, Inc. whereby Aspen Group has acquired 55% of Briscoe and all Operating Interests in the Company's 180 producing oil and gas wells. The remaining 45% Interest was acquired by HatCreek Exploration, L.L.C. Of the 180 wells, 178 are located in Oklahoma and the remaining two wells are located in Texas and Kansas. Terms of the transaction were not disclosed.
Aspen will realize significant growth in their Oil and Gas Reserves with the addition of 186,000 bbls of oil and 3.99 BCF of gas. In addition, the acquisition is immediately accretive to Cash Flow and Earnings.
"This Acquisition is confirmation of Aspen Group's Plan to grow the Company through advantageous acquisitions of
significant properties with strong economics," stated Mr. Wheeler. "Briscoe's Properties not only produce an immediate and positive impact on our Cash Flow and Earnings, but also provide us with the advantage of being the Operator on all 180 wells."
Aspen Group Resources Corporation is an Oil and Gas Exploitation, Production and Development company based in
Oklahoma City. The Company currently owns interests in approximately 780 gross wells located in eight states with a predominant focus in Oklahoma and Texas.
Additional information on Aspen Group Resources Corporation is available from:
Investor Relations -- SmartStockAdvisor.com
Phone (toll-free): 877-710-1426, E-mail: smartstockadvisor@yahoo.com
The information in this news release includes certain forward-looking statements as defined in the "Safe Harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based upon assumptions that are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any of its forward-looking statements will prove to be correct. |
