Energy Resources Corp. Acquires Kentucky Leases
Energy Resources Corp. Through its Kentucky Petroleum Operating acquires East Kentucky "Tom Cat Trail" leases.
Online, March 14, 2011 (Newswire.com) - Kentucky Petroleum Operating closed the acquisition of 523 net acres of undeveloped land in the Ohio Shale and Knox Dolomite Prospects from "Black Jade Petroleum", a Joint Venture Partner of Energy Resources Corporation. The acreage is predominantly located in Laurel County in East Kentucky creating a new, concentrated land position that Kentucky Petroleum Operating will operate with a 100% working interest and NRI of 75%. There are additional acreages available which the company has the option to acquire for a total of 4,682 acres.
An Independent NI 51-101 has been conducted on the full acreage which concluded that the potential of these prospects is of sufficient merit to justify the work program being proposed. Based on favourable reservoir parameters from an additional independent report on the acquired 523 acreage, there is an estimated total 137,000bbl proven undeveloped oil and 0.667bcf of gas for a total of 185,278BOE of proven undeveloped reserves. In addition to the proven reserves, there is an estimated 247,860bbl of probable oil and 1.232bcf of gas for a total of 337,460BOE of probable reserves.
Energy Resources Corp. & Kentucky Petroleum Operating has captured a meaningful position in one of the best plays in North America that we believe will provide us with significant production growth over the years to come
ON BEHALF OF THE BOARD
"Mehran Ehsan"
President & Director
For further information contact Energy Resources Corp. (604) 601-8259, or visit the website at www.energyresourcescorp.ca