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22.10.2009
Aragon Sells First Load of Oil Produced From Kemp Lease
Aragon Sells First Load of Oil Produced From Kemp Lease
Zurich, Switzerland, October 22nd, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce that the Company has sold it’s first load of Oil produced from the Kemp lease project, located in the State of Texas, USA. The load totaled 170 barrels of Oil and of further significance, after testing the Oil, was graded as high quality Texas Sweet Crude which commands a further $US 2.25 over spot prices.
The Company recently acquired a 3 property package and has been re-working and upgrading the 1st property, known as the Kemp Lease, to re start production at an increased output rate. During this re-work phase, the Company has been testing the wells and producing Oil that has been accumulating in its storage tanks.
“It is encouraging to see such a strong Oil cut at this stage of the re-work program resulting in an commercial Oil accumulation”, said Chief Executive Officer Brian Kennedy, “It is also very important to receive the premium Texas Sweet Crude rating allowing us to charge the $US 2.25 above spot prices which will add further value to our asset.”
The Company announced earlier last week that the plan was to re start production on this property in the next few weeks. The re- work phase of the wells has now been completed and the project is now is ready to install the higher capacity pump upon its arrival to increase the planned thru-put from the wells. Upon completion of this project, the Company expects to be able to produce approximately 2100 Barrels of Oil per month from this field.
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.
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
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Zurich, Switzerland, October 22nd, 2009
Aragon Energy AG (FRT: EEN) is pleased to announce that the Company has sold it’s first load of Oil produced from the Kemp lease project, located in the State of Texas, USA. The load totaled 170 barrels of Oil and of further significance, after testing the Oil, was graded as high quality Texas Sweet Crude which commands a further $US 2.25 over spot prices.
The Company recently acquired a 3 property package and has been re-working and upgrading the 1st property, known as the Kemp Lease, to re start production at an increased output rate. During this re-work phase, the Company has been testing the wells and producing Oil that has been accumulating in its storage tanks.
“It is encouraging to see such a strong Oil cut at this stage of the re-work program resulting in an commercial Oil accumulation”, said Chief Executive Officer Brian Kennedy, “It is also very important to receive the premium Texas Sweet Crude rating allowing us to charge the $US 2.25 above spot prices which will add further value to our asset.”
The Company announced earlier last week that the plan was to re start production on this property in the next few weeks. The re- work phase of the wells has now been completed and the project is now is ready to install the higher capacity pump upon its arrival to increase the planned thru-put from the wells. Upon completion of this project, the Company expects to be able to produce approximately 2100 Barrels of Oil per month from this field.
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.
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.