Shares of AER Energy Inc. (Pink Sheets:AERN) have been on a frantic upward pace in morning trading, after posting gains the two days prior, on fresh news that the company has successfully acquired three Oklahoma oil and gas leases from Fort Worth, Texas-based Texas Energy, Inc.  The purchase combines AER Petroleum, Inc and TX Energy’s OK O&G assets. Al Karmali, President and CEO of TX Energy, will become the President of AER Petroleum, Inc. Corporate offices for AER Petroleum will relocate to Fort Worth, TX.

Texas Energy brings over ten years of O&G operations experience to AER Energy and will contribute three Oklahoma leases with a minimum of twenty-four identified wells and an estimated future O&G production when completed and combined with existing AERN lease holdings will exceed 700 BOPD (barrels of oil per day).  The OK leases are part of the Osage Prospects including the Buttrey, Waldon and Fletcher lease locations.

AER Petroleum will begin secondary recovery on three existing wells and plans to commence drilling on all three leases within 60 days. Emphasis will be on completing the most promising new wells first and then finishing the remaining wells on a drilling schedule of two wells per month. With one drilling rig currently available, an estimated two wells per month over 12-18 months of drilling will complete the process allowing for climate delays.  The company anticipates that the completed well projects will generate approximately $20 million annually in revenue.

New AER Petroleum chief Al Kamali, TX Energy Inc. President, commented, “The combined O&G lease holdings of both companies are now substantial and will allow AER Energy to meet its established production goals.”

Shares of AERN closed last Friday at $0.0037 and began ticking upward on Monday with Tuesday’s closing price at $0.0063.  Shares sizzled as high as $0.0129 in morning trading and are kicking-off the afternoon right around the penny level with more than 74 million shares being traded already today.

AER Energy (AERN) Stock Quote and News:

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