Exploration & Production | Finance & Investing | Capital Markets
Energy Revenue America Scores Funding for Okla. CBM Well Projects
Print
|
Energy Revenue America, Inc. has reported a funding update on the Company's 3,100 acres in Nowata County, Oklahoma.
Funding of $1.2 million has been secured and will be used to drill the first 10 wells of the 300 wells Energy Revenue America, Inc. (ERA) expects to drill in the future. Over the next 5 years Energy Revenue America plans to drill in excess of 300 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 on the 300 well program gas reserves at the end of year 2 will exceed $80M and at the end of year 3 over $150M.
"This funding is a non-dilutive transaction and is excellent as we seek to continue to increase shareholder value," said Charles H. Havens, ERA's Chairman and Chief Operations Officer.