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ROCKVILLE CENTER, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Supernova Energy, Inc. (OTC:SPRN) ("Supernova Energy" or the "Company"), an U.S. based oil and gas production and exploration company, is pleased to announce that the Company has entered into a letter-of-intent with a privately-held Kentucky corporation to acquire additional oil leases in Kentucky. The leases are oil producing and/or have significant oil production potential. All leases are held by production.
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The proposed lease purchase package includes six leases with 100% working interest and associated net revenues interests that vary for each lease. These six leases contain 20 full equipped and operational wells on over 1,200 acres of leased land.
Also included in the lease package are partial interests in four additional existing wells on two separate leases. The Net Revenue Interest for three of the wells is about 30% and about 20% for the remaining well.
Kevin Malone, CEO of Supernova Energy, Inc., commented, "The acquisition of this oil lease package fits with our mission to strategically purchase attractively priced existing production with significant upside and is expected be an important step forward for Supernova Energy and its shareholders.
"With this proposed deal, not only are we acquiring existing production from 24 existing wells and a lot of related equipment assets, but we also acquiring over 1,200 acres of potential upgrade, improvement, and drilling opportunities. We look forward to closing the purchase as quickly as possible and moving forward with our plans to boost our production."
Closing of the transaction contemplated by the letter-of-intent is subject to customary terms and conditions, including the completion of due diligence by Supernova Energy, securing financing, and negotiation and execution of definitive agreements. If definitive terms have not been reached within 90 days, the letter-of-intent will expire.
Supernova Energy anticipates releasing additional information regarding the proposed transaction when definitive acquisitions terms are reached.
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About Supernova Energy, Inc.
Supernova Energy Inc. (OTC:SPRN) is an American based oil and gas production and exploration company with key holdings in Kansas and Kentucky. The Company's goal is to acquire economical leases in known oil and gas formations with low cost of recovery. The strategy is to specialize in well bore completion, re-completion and workovers on existing oil and gas production.
For more information investors can visit www.supernovaenergyinc.com
Cautionary Statement Regarding Forward-Looking Statements
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. This release contains forward-looking statements that reflect Supernova Energy Inc., plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "goal," and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our quarterly and annual reports. Other information can be obtained at www.supernovaenergyinc.com
Contact:Kevin MaloneSupernova Energy Inc.Chief Executive OfficerCEO@supernovaenergyinc.com
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.