Energy Revenue America, Inc. Moves Into Natural Gas Revenue Producing Mode
Recent Investment Will Allow the Company to Aggressively Pursue Reopening Existing Wells, Complete Several New Wells and Extend Their 65 Mile Pipeline
(firmenpresse) - DALLAS, TX -- (Marketwired) -- 11/21/13 -- Energy Revenue America, Inc. (PINKSHEETS: ERAO), a firm focused on the acquisition, development and exploration of Coal Bed Methane (CBM) natural gas, today announced initial funding that will move the company into a revenue producing mode.
This initial funding will give the company the funds needed to complete two new wells, reopen 7 existing and extend their pipeline to carry gas for a 3rd party. The company is seeking "longer term funding" and is in serious discussions with several additional funding sources.
Energy Revenue America is drilling for natural gas in the Cherokee Basin in Oklahoma, which is located in the Mid-Continent region in southern Kansas, northern Oklahoma, and western Missouri. The Cherokee Basin is the eighth largest coalbed methane basin in the United States and covers approximately 26,500 square miles.
"This funding represents a very significant validation of our company and our ability to extract Coal Bed Methane gas from our 3,100 acres in Nowata County, Oklahoma," said Charles H. Havens, Chairman & COO, Energy Revenue America, Inc. "We will use this initial funding to 'shore up' our infrastructure, put new wells into service, reopened existing wells, and provide a solid platform to grow the company. We extend our thanks to all our investors for their support during these challenging times."
Over the next 5 years Energy Revenue America expects to drill in excess of 500 wells in the Cherokee Basin. For every well completed, the reserve value for future gas from the wells becomes a value to ERA as future income. ERA estimates that gas reserves at the end of year 2 will exceed $80M and at the end of year 3 over $150M.
About Energy Revenue America, Inc.
Energy Revenue America, Inc. is focused on the acquisition, development and exploration of unconventional natural gas projects, primarily Coal Bed Methane (CBM) and seeks to acquire and develop properties with significant undeveloped potential and apply technical and operating expertise to maximize the value of these resources.
FORWARD-LOOKING STATEMENT
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as ERA or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
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Datum: 21.11.2013 - 09:26 Uhr
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News-ID 1285892
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