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27.07.2009
Oil and Gas Acquisition Kick Starts Business at Aragon Energy
Oil and Gas Acquisition Kick Starts Business at Aragon Energy
Zurich, Switzerland, July 27th, 2009
Aragon Energy AG (FRT:EEN) is pleased to announce the acquisition of 4 oil and gas properties and assets in the State of Texas, USA through a share exchange where Aragon acquired 100% of the capital stock of a Nevada LLC that holds the leases on the properties. The properties have a book value of US$ 1,039,125. The oil and gas mineral rights average a 81% net revenue interest on 1388 acres over 4 leases with a first right of refusal to acquire an additional 600 acres under favorable terms. The company controls a 90% working interest on 896 acres and 60% on the remaining 492 acres.
The acquisition immediately positions Aragon into the energy business as the properties come with 16 completed wells that have been previously producing, with room to develop an additional 50-60 new well bores.
The company is now implementing capital upgrades and rework procedures to put the existing wells back into production with increased production capabilities. The first 2 wells to be upgraded over the next 90 days were previously producing 360 barrels of oil per month. With the installation of higher capacity injection pumps and supporting equipment, the company is expecting to increase production to approximately 2100 barrels per month. Further development plans are being formulated and will be announced in the near future.
An experienced management team comes with the acquisition. Cameron Cravey has been appointed as the Chairman and Chief Operating Officer. Mr. Cravey has over 17 years of hands on experience in the oil patch. He runs an operating company and has acquired and sold a number of leases and supervised the drilling and work over of numerous successful wells.
As COO he will handle the day to day operating activities and will be responsible for increasing the company’s oil and gas reserve values and bringing these properties into production.
Brian Kennedy has been appointed as the Chief Executive Officer. Mr. Kennedy has held several CEO and CFO positions with both public and private companies with an emphasis on oil and gas resources and emerging technologies. He has a proven track record of managing growth companies and increasing shareholder value. Mr. Kennedy is a Chartered Accountant and holds a Bachelor of Business Administration from York University in Canada.
The company has retained Investment banking services from Sherbrooke Equity AG, which has nominated Louis Philippe Antunes to sit on Aragon’s Board of Directors and audit committee. Mr. Antunes has a successful career in Investment Banking and has assisted many companies raise capital to implement their business plans. He will oversee Aragon’s capital and treasury functions.
About Aragon Energy
The company has a mandate to identify and acquire properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells to provide immediate near term cash flows. Cash generated from operations provide the capital means for further 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.
For further information contact:
In North America
Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
or
In Europe
Petjo Noack
Investor Relations
+49 173 679 3092
pnoack@sherbrookeequity.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, July 27th, 2009
Aragon Energy AG (FRT:EEN) is pleased to announce the acquisition of 4 oil and gas properties and assets in the State of Texas, USA through a share exchange where Aragon acquired 100% of the capital stock of a Nevada LLC that holds the leases on the properties. The properties have a book value of US$ 1,039,125. The oil and gas mineral rights average a 81% net revenue interest on 1388 acres over 4 leases with a first right of refusal to acquire an additional 600 acres under favorable terms. The company controls a 90% working interest on 896 acres and 60% on the remaining 492 acres.
The acquisition immediately positions Aragon into the energy business as the properties come with 16 completed wells that have been previously producing, with room to develop an additional 50-60 new well bores.
The company is now implementing capital upgrades and rework procedures to put the existing wells back into production with increased production capabilities. The first 2 wells to be upgraded over the next 90 days were previously producing 360 barrels of oil per month. With the installation of higher capacity injection pumps and supporting equipment, the company is expecting to increase production to approximately 2100 barrels per month. Further development plans are being formulated and will be announced in the near future.
An experienced management team comes with the acquisition. Cameron Cravey has been appointed as the Chairman and Chief Operating Officer. Mr. Cravey has over 17 years of hands on experience in the oil patch. He runs an operating company and has acquired and sold a number of leases and supervised the drilling and work over of numerous successful wells.
As COO he will handle the day to day operating activities and will be responsible for increasing the company’s oil and gas reserve values and bringing these properties into production.
Brian Kennedy has been appointed as the Chief Executive Officer. Mr. Kennedy has held several CEO and CFO positions with both public and private companies with an emphasis on oil and gas resources and emerging technologies. He has a proven track record of managing growth companies and increasing shareholder value. Mr. Kennedy is a Chartered Accountant and holds a Bachelor of Business Administration from York University in Canada.
The company has retained Investment banking services from Sherbrooke Equity AG, which has nominated Louis Philippe Antunes to sit on Aragon’s Board of Directors and audit committee. Mr. Antunes has a successful career in Investment Banking and has assisted many companies raise capital to implement their business plans. He will oversee Aragon’s capital and treasury functions.
About Aragon Energy
The company has a mandate to identify and acquire properties with previously discovered known oil and gas reserves that have not been fully developed or defined and can provide an upside potential.
Through the deployment of certain technologies and methods, Aragon brings back to production abandoned previously producing wells to provide immediate near term cash flows. Cash generated from operations provide the capital means for further 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.
For further information contact:
In North America
Brian Kennedy
Chief Executive Officer
416 567 5643
bkennedy@aragonenergyag.com
or
In Europe
Petjo Noack
Investor Relations
+49 173 679 3092
pnoack@sherbrookeequity.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.