Aspen Group Expands Into Kansas With Acquisition of Producing Oil Properties From Flowers Estate
Highlights
- Aspen Group Acquires 33 Producing Wells
- Properties Located in Butler County, Kansas
- Oil Reserves Increased by 373,083 bbls.
OKLAHOMA CITY, May 23 /PRNewswire/ -- Jack E. Wheeler, Chairman, President and CEO of Aspen Group Resources Corporation, (OTCBB:ASRG), today announced another significant acquisition whereby Aspen will acquire 33 Producing Oil Wells in Kansas from the Flowers Estate, a privately owned oil and gas exploration company in El Dorado, Kansas. The terms of the sale called for consideration from Aspen of $1,000,000 in cash and 650,000 Shares of Restricted Common Stock of Aspen Group Resources Corporation.
The Wells are strategically located on the El Dorado Field in Butler County and provide the Company with a solid base of operations in Kansas. Aspen will realize significant growth in their Oil Reserves with the addition of the 373,083 bbls of estimated reserves in the Properties. In addition, the
acquisition is immediately accretive to Cash Flow and Earnings.
"This acquisition represents a significant step in expanding our production operations into Kansas," stated Mr. Wheeler. "Butler County has historically been a very productive and dependable area in which to operate. We are very pleased by the performance of the existing production and the
significant development upside presented by this acquisition. Following our acquisition and merger with Briscoe Oil Operating Company last week and now with this purchase, we are continuing to meet our corporate mandate of aggressively adding strategic producing properties to our portfolio."
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 nine states with a predominant focus in Oklahoma and Texas.
Additional information on Aspen Group Resources Corporation is available from:
Jack E. Wheeler Chairman, President & CEO
888-795-3166 877-504-8500
Al Kau: Investor Communications 405-606-8500
www.asgrc.com
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.
SOURCE Aspen Group Resources Corporation |
