Aspen Group Expands Kansas Operations With Acquisition of Producing Oil And Gas Properties From MOG Oil and Gas Company
Highlights
- Aspen Group Acquires 66 Producing Wells
- Properties Located in Butler and Pawnee Counties, Kansas
- Oil and Gas Reserves Increased by 242,370 BOE's
OKLAHOMA CITY, May 30 /PRNewswire/ -- Jack E. Wheeler, Chairman, President and CEO of Aspen Group Resources Corporation, (OTC Bulletin Board: ASRG and Canada Dealing Network:ASRG.U),today announced the Acquisition of 66 Producing Oil and Gas Wells from MOG Oil and Gas Company for
cash consideration of $300,000.
Sixty-Five (65) of the Wells are located in Butler County, where the Company recently announced the acquisition of 33 Oil Wells from The Flowers Estate. The remaining acquired well is located in Pawnee County, Kansas.
"This acquisition is very strategic for Aspen because it allows us to reduce our operating expenses," stated Mr. Wheeler. "By expanding our holdings in Butler County and acquiring the additional producing property in Pawnee
County, we can operate much more efficiently through economies of scale".
Aspen will realize significant growth in their Oil Reserves with the addition of the 242,370 BOE's (barrel of oil
equivalents) of estimated reserves in the Properties. In addition, the acquisition is immediately accretive to Cash Flow and Earnings.
"Since the beginning of April, through the aggressive, strategic acquisitions of Briscoe Oil Operating,Fer-Scher
Exploration, Flowers Estate, MOG Oil and Gas, and RedTerra Resources, we have increased Shareholder Value by adding
almost 2.0 million BOE in reserves through the acquisition of over 300 producing wells, expanded the Company's base of
operations, and significantly increased Revenue, Cash Flow and Earnings," Mr. Wheeler concluded.
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 Wheeler
Chairman, President & CEO
405-606-8500
877-504-8500 (Toll Free)
Al Kau,Investor Relations 888-795-3166
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. |
