TEMPE, Ariz., Dec. 1, 2010 /PRNewswire-FirstCall/ -- American Standard Energy Corp. (OTC Bulletin Board: ASEN) announced today that it has executed a Purchase Agreement to acquire additional Bakken and Three Forks acreage including partial interest in 26 additional gross wells, of which 15 are currently producing, 10 completing and one drilling. The additional 367 plus net mineral acres acquired in the transaction are located within the Williston Basin of North Dakota. This acreage is located in the heart of the established area known as the "Bakken".
The newly acquired wells have a current production sum of nearly 2,900 barrels of oil equivalent per day. This acquisition enhances American Standard's growth strategy by strengthening its production, reserves, and leases held by production as well as numerous sites to be developed (PUD locations).
Scott Feldhacker, American Standard Energy's CEO stated, "This type of transaction is instrumental to our short and long-term goals. We are able to expand our current production, as well as secure our long term focus with multiple leases being held by production. Our ability to purchase leasehold acreage that is held by production and wells currently in development is a testament to our industry relationships."
The completed acquisition brings American Standard's Bakken footprint to over 6,000 net acres. American Standard participates in close to 50 gross wells within this acreage in addition to its holdings in Texas.
About American Standard Energy Corp.
American Standard Energy Corp. is an exploration and production company based in Tempe, Arizona. American Standard Energy's primary focus is the Williston Basin Bakken and Three Forks trend in North Dakota as well as The Eagle Ford shale and Permian Basin of Texas.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, our ability to raise capital, general economic or industry conditions nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Andrew Wall, General Counsel
SOURCE American Standard Energy Corp.