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18.11.2009
Aragon Commences Work Program On Brown County Project Targets 265% Increase In Oil Production From 14 Existing Wells
Aragon Commences Work Program On Brown County Project Targets 265% Increase In Oil Production From 14 Existing Wells
Zurich, Switzerland, November 18, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce that the Company has entered their second package of Oil leases the Brown County Project and have commenced the planned work program to re start the production from 14 Existing Oil and Gas Wells. The 492 acre property is a 82% Net Revenue Interest lease package which will also allow the drilling of 10 new additional new wells.
Prior to shut down, these wells were producing approximately 340 barrels of Oil per month. The Company’s rework program is targeting 900 barrels per month, representing a planned 265% increase in production.
Aragon’s CEO Brian Kennedy said “This acreage represents excellent return on investment potential on our Oil and Gas portfolio. We will spend approximately US$ 150,000 to increase production by 560 barrels per month.
At $US 75 per barrel, we are looking at less than a 4 month payback. Furthermore we can drill 10 new additional wells, representing a possible further upside of 22,000 barrels per month.”
The Company has a 60% working interest in the Brown County Project.
Meanwhile the Company is finalizing the sourcing and negotiating for certain equipment to complete the production objectives of the previously announced Kemp project.
About Aragon Energy
The company acquires properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential with additional investment.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells and performs additional development and drilling phases to further define the reserves to a proven producing state.
Press Release cont’d
Continued October 22, 2009
The goal is to clean up and develop qualified bookable reserves on properties that have been left behind, resulting in a better utilized, cleaner and maintained environment while adding increased value to our shareholders.
Currently, 3 Projects have been acquired, all of which are located in Texas, USA. The development of the 1st project is nearing completion and is now being readied for production.
For further information contact: Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
Information presented in the Press Release constitutes neither an offer to buy or sell securities and contain “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any Statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements.”
Corporate Office: Sihleggstrasse 23 8832 Wollerau, Switzerland, Field Operations: 123 E. Market St., Mabank, Texas USA, 75147
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0042948478
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Zurich, Switzerland, November 18, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce that the Company has entered their second package of Oil leases the Brown County Project and have commenced the planned work program to re start the production from 14 Existing Oil and Gas Wells. The 492 acre property is a 82% Net Revenue Interest lease package which will also allow the drilling of 10 new additional new wells.
Prior to shut down, these wells were producing approximately 340 barrels of Oil per month. The Company’s rework program is targeting 900 barrels per month, representing a planned 265% increase in production.
Aragon’s CEO Brian Kennedy said “This acreage represents excellent return on investment potential on our Oil and Gas portfolio. We will spend approximately US$ 150,000 to increase production by 560 barrels per month.
At $US 75 per barrel, we are looking at less than a 4 month payback. Furthermore we can drill 10 new additional wells, representing a possible further upside of 22,000 barrels per month.”
The Company has a 60% working interest in the Brown County Project.
Meanwhile the Company is finalizing the sourcing and negotiating for certain equipment to complete the production objectives of the previously announced Kemp project.
About Aragon Energy
The company acquires properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential with additional investment.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells and performs additional development and drilling phases to further define the reserves to a proven producing state.
Press Release cont’d
Continued October 22, 2009
The goal is to clean up and develop qualified bookable reserves on properties that have been left behind, resulting in a better utilized, cleaner and maintained environment while adding increased value to our shareholders.
Currently, 3 Projects have been acquired, all of which are located in Texas, USA. The development of the 1st project is nearing completion and is now being readied for production.
For further information contact: Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
Information presented in the Press Release constitutes neither an offer to buy or sell securities and contain “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any Statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements.”
Corporate Office: Sihleggstrasse 23 8832 Wollerau, Switzerland, Field Operations: 123 E. Market St., Mabank, Texas USA, 75147
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0042948478
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.